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FINANCIAL!! 


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SERVING THE GAS INDUSTRIES 


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R^OfficK(City)T^ e pf KHie: oj^685I No. 28,884 

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PUBLISHED IN LONDON AND FRANKFURT 

Saturday September 25 1982 





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ViAVS SUMMARY 


GENERAL 


BDSINESS 


Steel tells 
Liberals 
to close 
ranks 


Mr David Steel, the Liberal 
leader, received a six -minute 
standing ovation from me 
party's assembly at Bourne- 
mouth after he called on them 
to ' close ranks following 
divisions caused by the 
surrender of prized constitu- 
encies to the Social Democrats. 

He said they should make the 
alliance '‘unbeatable” at. the 
next general election after the 
" strains, tensions and tiffs ” 
generated by the row over the 
allocation of seats. 

“We are ready to govern,” he 
said. Back Page 

Inquiry rejected 

The president of Israel's 
supreme court rejected a 
Cabinet request to investigate 
the masacre of Palestinian 
refugees in Beirut. Back page 

Pilgrims held 

Saudi police clashed with 
thousands of Iranian pilgrims 
in the holy city of Mecca and 
arrested 1QQ, among them a 
clergyman who is Ayatollah 
Khomeini's representative. 
Page 2 

Jump-jet death 

A U.S. Marine' Cramps Harrier 
jump-jet plunged" Mb "tie Baltic 
Sea claiming the 12th life in 
three weeks of Nato 
manoeuvres. 

Appeal to Queen 

Aboriginal leader Charles Per- 
kins, former adviser to Prime 
Minister Malcolm Fraser, said 
the Queen should not attend the 
Brisbane CommonweaWh Games 
because that would identify her 
with a "fascist regime” in 
Queensland. 


Dollar at 
five-year 
high of 
Y266.35 


• DOLLAB was boosted by 
news that DaHchi Kangyo 
Bank, Japan’s largest bank, had 
sustained Y9.7bn (£2 1.46m) 
foreign exchange losses. It 
rose to Y266J35 (Y2&L8). a five- 
year high. DM 2.5145 (DM 2.51) 
and SwFr 2.1645 (SwFr 2.15), a 
one-year high, it was unchanged 
at FFr 7.095. Its trade weighted 
index was 123.1 (122.4). Page 
21; Unauthorised dealings in I 
Singapore, Page 19 

f STERLING lost 30 points to 
$1,708. It was unchanged at 
DM 4J295, rose to SwFr 3.695 
(SwFr 3.68) and fell to 
FFr 12Ji75 (FFr 12.135). Its 
trade weighted index held at 
91.8. Page 21 

• GOLD fell $9.5 to $428 In 
London. In New York, the 
Comes: September close was 
$416.3 ($438.5). Page 19 

• EQUITIES revived. The FT 
30-share index added 4.4 to 
581.6. Rises in consumer shares 
helped to lift the FT- Actuaries 


FT INDUSTRIAL 
ORDINARY INDEX 


Woolworth to close 
336 stores in U.S. 

BY DUNCAN CAMPBELL-SMITH IN LONDON AND PAUL BETTS (N NEW .YORK 


SWEEPING^ CHANGES were 
planned on both sides of the 
Atlantic yesterday in connection 
with the F. W. Woolworth 
retailing group. 

In New York the U.S. parent 
company announced plans to 
close its countrywide retailing 
chain of 336 .WoJoco discount 
stores in early 1983. 

The move is part of a restruc- 
turing aimed ait eliminating 
persistent money-losing opera- 
tions. 

In London it emerged that 
F. W. Woolworth, which is 52.6 
per cent owned by the U.S. 
company, will be the target of 
major revitalisation plans if 
control of the subsidiary passes 
to a consortium now in the fina) 
stages of bid talks with the U.S. 
parent 

Mr Edward Gibbons, chair- 
man of the U.S. retailer, fourth 
largest in the country, said: 
“ Our decision represents a key 
step forward in the company's 
on-going strategic plan which 
includes support for strong 
profitable ddvisfons, accelerated 
expansion of successful 
specialty retailing operations 
and the redeployment of assets 
away from areas producing low 
or no return on investment” 

The Woolco Discount opera- 
tion, which is separate from the 
main Woolworth chain of stores. 


last year had sales of SSLlbn 
but an operating loss’ of $19bn 
before other costs, included 
heavy interest expenses on debt. 

The Woolco division had an 
operating loss of $21m in ttae 
first six months of this year 
before interest expenses and 
sales of $lbn. 

The division was set up to 
compete against the growing 
tide of discounters in the U.S. 
retail market, dominated by the 
K-Mart chain. 

Woolworth said last night 
that it intended to set up an 
after-tax provision of an esti- 
mated $325m in the current fis- 
cal quarter as a result of its 
decision to dispose of its U.S. 
Woolco division. 

But the company said the size 
of the loss provision might be 
changed depending on comple- 
tion of sale of the company's 
controlling stake in the British 
subsidiary, the amount received 
from that sale, and related con- 
siderations. 

The U.S. plans were 
announced hours after ‘ first 
details emerged on the Identity 
of ithe consortium bidding for 
the UK subsidiary. 

It became dear yesterday that 
Charterhouse Japbet, the -mer- 
chant banking arm of the 
Charterhouse group, was the 
principal architect of the bid in 
the UK. 


A syndicated loan of £l70ra 
for the bidding consortium is 
being negotiated with a group of 
English and Scottish banks 
while equity capital and loan 
stock is being sought from a 
large group of City institutions. 

These inclode tbe Prudential 
and Legal and General Insur- 
ance. Other institutions which 
have been approached include 
some, like the Post Office Super- 
annuation Fund, which are 
understood to be less than 
enthusiastic. 

Institutions . still considering 
joining the consortium include 
M and G unit trust group; which 
said yesterday that it was 
” delighted that someone has 
taken the Initiative to tackle 
Woolworth’s problems." 

Charterhouse itself made no 
comment on future plans. But 
the proposed takeover is under- 
stood to envisage establishment 
of a -new senior management 
which would draw upon limited 
sales of WdoI worth's latent 
property assets to finance a 
sweeping . overhaul of its 
retailing operations. 

It is proposed that terms of 
an offer to the minority share- 
holders be disclosed at the same 
time, together with tbe names 
of the consortium members. j 
Feature. Page 14; Lex 
Back Page 


a 

Trade balancesUpsinto £37m 
August deficit as exports fall 


M- lints* 

W-3 

Aril slimi 


’W HOURLY MOVEMENTS 
DAYS CLOSE # 

560 1 1 1 1 

20 21 22 23 24 

September 1982 

Industrial Index by 0.9 per cent 
to 373.36 and tbe 500 group 
index by 0.8 per cent to 400.46, 
both record highs. Page 22 


Bulawayo sweep • 


Troops cordoned off tbe western 
suburbs of Bulawayo, Zimbabwe, 
as people without Identification 
papers were detained in hastily- 
constTUrted compounds. 

Cricket walk-off 

Australian captain Kim Hughes 
twice led his team off the field 
on the third day of the first 
cricket lest against Pakistan 
after tbe crowd pelted them 
with stones. Pakistan were 330 
for 6 at dose of play. 

Export bug: 

Three dozen boxes of a British- 
made muesli were withdrawn 
from a store in Nagoya, central 
Japan, after i-inch long insects 
were found in them. 

Gun lore 

Two polite, neatly-dressed gun- 
men robbed a homestead 
association near. New Orleans 
of an undisclosed amount of 
cash and shouted “ Reaganomics 
made u« do it" as they made 
their getaway. 

Light wine 

Police in northern Italy seized 
26m gallons of liquid and 
charged 86 people with sellinp a 
mixture of water, sugar and 
colouring as fine Italian wine. 

Briefly . . . 

Government rejected the idea of 
a ban on soccer fans iravelling 
to England matches abroad. 
Sarah, Lady Andley, second 
daughter of Sir Winslon 
Churchill died In London aged 
67. 


• GILTS turned dulL The 
Government Securities Index 
lost 0.25 to 7&80. Page 22 

• WALL STREET was off 7.91 
at 917.66 near the dose. Page 18 

• BANK OF ENGLAND is to 
raise £l-25bn through the issue 
of a new medium-short tap 
stock, 101 per cent Exchequer 
1988. Back Page 

• BRAZIL is to tighten further 
its stringent import controls. 
Page 2 

• MEXICO'S current account 

deficit fell by $100m to S4.16bn 
(£2.43bn> in the first half of ; 
1982. Page 2 j 

• JAPANESE Cabinet approved 
a package of measures to cut 
public* spending and 
bureaucracy. Page 2 

• BNOC intends to hold the 
price of North Sea oil at $33.50 
a barrel for the fourth quarter. 
Page 3 

• BRITISH STEEL Corporation 
announced 700 further job 
losses at its Scunthorpe plant. 
Page 3 

• MATCHBOX! TOYS has been 
bought from the joint receivers 
of Lesney Products by Universal 
International Holdings.' Hong 
Kong toy maker. Back Page 

O AURORA, engineer, turned 
in pre-tax promts of. £283,000 
for the first half of 1982, against 
losses of £221,00. Page 16; Lex, 
Back Page 

• ADWEST, engineering and 
electrics group, raised taxable 
profits from £5.Bm to £6.71m in 
the year to end-June. Page 16 


SY MAX WILKINSON, ECONOMICS CORRESPONDENT 


THE VOLUME of Britain's 
exports, - excluding oil. fell 
sharply in August according to 
official figures published yester- 
day. 

The surplus on trade in oil 
rose to £4S4m for the month — 
the highest this year and almost 
double the total surplus earned 
on oil in 1980. 

However, even after taking 
this rise into acco unt , , the 
balance on all visible trade 
slipped back into a deficit of 
£37m after a surplus of £166m 
in July. After adding the 
surplus earned on invisible 
trade, tbe current account of 
tbe balance of payments was in 
surplus of £163m for August, 
less than half the comparable 
July figure. 

The gloomiest aspect of yes- 
I today's trade figures was the 
fall shown in tbe volume of 
non-oil exports to a level about 
13 per cent below that achieved 
during the spring. 

The average performance of 
non-oil exports in the three 
months from June to August, 
was Si per cent below wbat had 


BALANCE OF PAYMENTS 
(current account) 
fin seasonally adjusted 
Visible Invisible Current 
1981 trade trade* balance 

Q4 +490 +993 +1,483 

1982 




QI 

+323 

+397 

+ 720 

Q2 

+103 

+784 

+887 

1982 




Jan 

-114 

+132 

+ 19 

Feb 

+117 

+132 

+309 

Mar 

+260 

+132 

+392 

Apr 

+224 

+261 

+458 

May 

-114 

+262 

+148 

Jane 

- 7 

+261 

+254 

July 

+166 

+200 

+366 

Aug 

- 37 

+200 

+163 

* Invisibles are estimates subject to 

revtsion. 



— 


been achieved In the previous 
three months. 

These figures confirm the 
generally gloomy tone of the 
last industrial survey by the 
Confederation of British 
Industry, which pointed to the 
depressed state of demand and 
weak export order books. 

During June to August, the 


Volume of non-oil imports also 
fell — by 4| per cent compared, 
with the average for March to 
May. However, non-oil imports 
in August were nearly 14 per 
cent ahove-the average volume 
in 1980, whereas the volume of 
non-oil exports was 111 per cent 
below tbe 1980 average. 

The August figures seem 
somewhat worse than tbe recent 
trend, and although an judg- 
ment cannot he made on the 
basis of one month’s figures, 
they offer no comfort for the 
immediate future. 

In the three months from 
June to August, non-oil visible 
trade was £925m in deficit This 
compared with a surplus of 
£9l2m in 1980. On the basis of 
the trend of tbe past six months 
the deficit for a full year on 
visible trade cither than oil 
would be about £3bn. 

This compares with a surplus 
on oil trade, which on tbe same 
basis, is running at an annual 
rate of just under £4bn. 

For the first half of this year, 
tbe surplus on current account 
was £1.61bn. 


Formal Hong Kong talks agreed 


BY TONY WALKER IN PEKING 


CHIEF PRICE CHANGES YESTERDAY 

.(Prices Jit pence, unless otherwise Indicated) 

RISES: Newarthiil 570 

A.B. Electronic 267 + 5 Na-Swift 40* 

Ailken Hume 195 + 20 ORE 235 

Allied Colloids 312 + 11 Polly. P«k 530 

Aurora 12 + 4 SRetchiey 322 

Barren Dev 352 + S Smith (W. H.) A ..253 

Beccham 342 + 8 WearweH 51 

Brahy Leslie 69 + 12 Anglo Amer. Corp. 715 

Clark flfl.V 170 + 10 Marievale 202 

DcbenhauiN 92 + 4 FALLS 

Dixons Photo 197 + 15 Treasury 12% 19S7 £107 

Equifv & Law 52S + 10 Assoc Dairies 148 

Fohel' Inti. . . 53 + 5 DinWe Heel 5$ 

Glaxo . $09 + 11' Kwik Save 280 

Greenbnn’k 44 + 3 Manson Finance ... 37 

Harris Qiwcnswnv .. 250 + R‘ Wimpey fG.) If® 

Lee Refrigeration .. 250 + 20 Cons. Gold Fields ... 430 


BRITAIN AND CHINA agreed 
yesterday lo enter into formal 
negotiations on the future of 
Hong Konjf despite differences 
on sovereignty, which talks 
.between Mrs Margaret Thatcher 
and Mr Deng Xiaoping.- the 
supreme Chinese leader, failed 
to resolve. 

Emphasising a change in the 
tone of contacts between Peking 
and London on Hong Kong, Mrs 
Thatcher said after three days 
of talks in the Chinese capital 
that she expected tbe coming 
negotiations to be “ much more 
intense, much more speeded -up.” 
at official level. 

A joint statement after Mrs 
Thatcher's meeting with Mr 
Deng said: “ Both leaders made 
clear their respective positions 
on the subject. 

"They agreed to enter talks 
through diplomatic - channels 
following the visit with the 
common aim of maintaining the 


stability and prosperity of Hong 
■Kon?” 

Chinese officials said Peking 
had wanted to include in the 
joint statement tbe Chinese 
position on sovereignty, but 
were unable to secure Britain's 
agreement. 

Xinhua, the official New China 
News Agency, in its reporting 
of joint statement included 
reference to the Chinese 
Government position on “re- 
covery of the sovereignty of the 
whole' region of. Hong Kong,” 
which it described as “unequivo- 
cal and known to all." 

However, the two leaders 
could not agree on the 
sovereignly issues. China claims 
as her territory all Hong Kong, 
including the island and the 
New Territories on the main- 
land. The latter, more than 90 
per cent of Hong Kong, is held 
under a lease expiring in 1997. 

Britain claims Hong Kong 
island and part of the Kowloon 

CONTENTS 


Peninsula on the mainland In 

perpetuity. 

. Mrs Thatcher, first serving 
British Prime Minister to visit 
China, would not be drawn on 
details of the discussions. To 
“ maintain confidence, it is 
necessary to maintain confiden- 
tiality.” 

■She described the issue as 
complex, but hoped it “would 
not take too long to sort Out.” 

Asked' to rebate Britain’s 
position, she said: “You will 
know that there are in fact 
treaties in existence. We stick 
by our treaties, unless we ever 
agree on something else. At 
the moment we stick by our 
treaties.'' 

The talks with Mr Deng were 
conducted in a “friendly 
atmosphere.’’ t She had- held 
more than six hours of talks 
with Chinese leaders. Most 
focused on Hong Kong. 

Japan keen to improve links 
with China, Page 2 


Appointments 

Arts 

Books Pag* .... 

Bridge 

Cheap 

Collecting 

Commodities .... 
Company Nan ... 

Crossword — 

Economic tilery ... 
Entertain. Guido ... 
Euro. Opts. 


17 Finance and Family 1 

12 Ft Actuaries 

10 Foreign Exchanges 

10 Gardening .... 

Gold Market* 

„ How to spend it ... 

If InU. Co. News ... 

2 Leader 

IS Letters 

Lax .... 

IS London Opts, ... 

12 Men m the News... 

20 Mining 

For latest Share 


6 Money Markets ... 21 

22 Mowring 9 

tl Overseas N*w* ... 2 

9 Property 8 

19 Racing 13 

11 Shore Information 24. 25 

19 Sports 13 

14 SE Week's deal* 20 

2fi Stock Markets; 

» London 22 

26 Wall Street — 18 

S Bourses 18 

Index plume 01-346 3036 


Travel 

TV and Radio ... 
UK News: 

General 

Labour ...... 

Unit Trusts: 

Authorised 

Other* 

Weather 

Your Saving* /(mr. 
Week kr the m‘k*ta 
Base Lending mtrw 


France 
moves to 
defend 
franc 

By David Housego In Paris 

THE French Government is ex- 
pected soon to announce sub- 
stantial new exchange controls 
to strengthen the defence of the 
franc. 

The new measures follow the 
recent raising of a $4bn 
(£2.3bn> loan on the commer- 
cial markets to bolster the 
foreign exchange reserves. They 
are intended as a further signal 
that the Government intends to 
resist a third devaluation of the 
franc and is committed to re- 
maining in the EMS. 

Trying to pre-empt the re- 
emergence of further pressure 
on the franc which foreign ex- 
change dealers believe could 
occur later this year, the 
Government also wants to avoid 
the introduction of a formal 
two-tier foreign exchange sys- 
tem involving a commercial 
and a financial franc. An im- 
portant by-product of the mea- 
sures are that they are likely 
to result in a slowing down of 
imports thus helping to ease the 
trade deficit. 

Under the new system of con- 
trols, French exporters will 
effectively be prevented from 
invoicing in French francs. At 
the moment about two thirds of ; 
French exports are invoiced in 
francs. 

Exporters will either be re- 
quired to invoice in a foreign 
currency and then. 14 days after 
shipment, convert • the foreign 
exchange into French francs, or. 
they will be allowed to invoice 
in French francs but also re- 
quired, 14 days after shipment 
to convert the equivalent in 
foreign currency. 

The effect is to increase pur- 
chases o £ French currency thus 
boosting the franc- The measure 
reinforces a similar move tbe 
Government made in May last 
year, shortly after taking office, 
when tbe franc was also under 
pressure. Under this, French 
exporters were required 14 days 
Continued on Back Page 
Money markets, Page 21 

£ in New York 

— I Rapt. 25 [ Pravtau* 


Spot 8 1. 7065-7075 [S 1.7 160-7175 

1 month O.OS-0.O7 pm 0.05-0,07 pm 
3 month*. 0 .42-0.45 pm 0.3B-0.41 pm 
12 month*! 5.15-3.25 pm 1 5.10-5.25 pm 


TGWU plans to act 
against imports of 
foreign-made cars 


BY JOHN LLOYD, LABOUR EDITOR 


THE TRANSPORT and General 
Workers' tTGWU) Union plans 
!o use its industrial strength in 
the docks, road transport and 
the motor industry to impose 
controls on the importing o£ 
foreign-made cars to the UK. 

The immediate object of its 
unprecedented action will be 
General Motors' “ S ” car. its 
much-heralded challenger in 
the small car market currently 
occupied by such models as the 
Ford Fiesta and the BL Metro. 

Mr Moss Evans, the TGWU 
general secretary, said, yester- 
day that the union would 
impose a “ total handling ban ” 
on the model, from when the 
first of an expected 150,000 cars 
a year are due to arrive, next 
March, until the company 
begins to assemble the car in 
the UK. 

The “ S ” car is already under 
production in a. custom-made 
plant in Spain. Vauxhali 
Motors. Gifs UK subsidiary, 
said last zrighl that the com- 
pany had no plans to assemble 
the model in Britain. The 
company added, however, that 
the possibility could not- be 
ruled out if the . market 
improved. 

However, Mr Evans said that, 
while the “S” car was the 
* first on the anvil,” the union's 
moves "could widen and in- 
clude other companies. 

Imports now accounted for 
50-55 per cent of the UK ear 
.market ,and .half or more 
of the sales of various popular 
models were of cars made 
abroad. They (included 48 per 
cent Fiestas, 54 • per cent of 
Ford Cortinas, 48 per cent of 
Vauxhali Cavaliers. 55 per cent 
of Vauxhali Astras and 71 per 
cent of Talbot Horizons. 

Mr Evans said those import 
levels had " seriously under- 
mined the fabric of the vehicle 
building industry'. "We need 
to do something serious about 
iL We don’t appear to be hav- 
ing any impact on the Govern- 
ment. Therefore, in spite of the 
risks we are taking, we must do 
something ourselves.” 

He said that the union was 
unlikely to be deterred by 
threats of legal action, although 


lie acknowledged that some 
dockers might feel reluctant to 
implement the ban. 

The union is to co-ordinate 
the action between four of its 
industrial groups — docks, 
vehicle building, commercial 
transport and white-collar — 
under the charge of Mr Alex 
Ritson. the TGWU deputy 
general secretary. 

Mr Grenville Hawley, the 
union's automotive group secre- 
tary. said talks with Vauxhai! 
(General Motors' arm in 
Britain) over import levels h?u 
been going on for years wiih- 
out agreement. He said tit? 
union believed that the c nr 
plants at Luton and Ellesmere 
Port would be regarded as 
uneconomic, and thus vulner- 
able to closure, if new lines 
were not added lo the present 
models. 

Vauxhali 

Vauxhali assembles the 
Cavalier and Chevette at Luton, 
and the Astra at Ellesmere 
Port. The company said las: 
night that the plants were close 
to capacity on single-shift opera- 
tion. and would not increase to 
double shifts while the market 
remained weak. 

Vauxhali said it regretted the 
TGWU’s decision, out added 
that it required substantial 
stocks of the "S'* ear to com- 
plete its range and help sales 
of its British-built models. The 
company said about £20m. worth 
of UK components were 
incorporated in the “ S ” car. 

Unions at Vauxhal! also 
might ask dockers to help them 
block current imports of the 
company's models, including 
the Astra and the Cavalier, if 
talks on the company's 7.25 per 
cent pay offer were to break 
down irreparably. 

• The TGWU is to press the 
TUC General Council to impose 
an embargo on the handling of 
all Israeli ships and aircraft, 
until Israeli forces withdraw 
from Lebanon. The issue is to 
be discussed at the next meei- 
ing of the TUCTs international 
committee, of which Mr Evan; 
is the new chairman. 


...A 


mm 


FUND 


MANAGEMEN 








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Financial Times Saturday September 125 1982 ; 


flK 


\|W 


OVERSEASNEWS 


WEST GERMAN GOVERNMENT CRISIS 


Bonn watches the omens in Hesse’s poll 


BY JAMB BUCHAN IN-BONN 


“ THE WEST GERMAN state of 
;"Hesse goes to the polls on 

* Sunday in one of the most 

* important and exciting provin- 
" cial elections in -<be history of 

the Federal Republic. 

-The result on Sunday night 
' couid be. decisive not only for 
the planned vote of no- 
confidence to throw: out Chan- 
cellor Helmut Schmidt's govern- 
ment in Bonn, but also for the 
'• very survival of the tiny Free 
- Democrat party. 

Already -in June, the Hesse 
FDP. under Herr Ekkehard 
Gries voted to end their 12-year 
coalition with the Social 
Democrats (SPD) in Wiesbaden 
and aim for an alliance with the 
Christian Democrats (CDU). 


This presaged doom for- the 
13-yeax-old SPD -FDP coalition 
in Bonn, which finally collapsed 
last week in a. welter of 
recrimination. . 

In the summer, the Hesse 
Free Democrats were arguing 
that a break from the coalition 
with the 1 SPD 1 was the only way 
of stopping erosion o£ their 
support • 

The new fear, however, Is 
that' voters will baulk at the 
FOP’S desertion of its old ally, 
both in Hesse and at a general 
election, and that the party will 
as has been said in Bonn, “ com- 
mitted kiicide for fear of 
death. 

The omens are bad. A' -poll 
carried out by the AHensbach 


Institute in the week since the 
government crisis in Bonn, and 
published yesterday, gives the 
' FDP a mere. 2-3 per cent of the 
national vote in a general elec- 
tion.' It needs 5 per cent for’ 

representation in parliament. 

This compares with 5.1 per cent 
for the FDP .at the last Allens- 
bacrh poll in July. 

Not. surprisingly, talks in 
Bonn bn the formation of a new- 
federal government of CDU. its 
Bavarian sister party, the CSU, 
and the FDP have been frozen 
until -the result from Hesse is 
known on Sunday night. 

.For if . Herr Gries, who 
achieved 6.6 per cent in the last 
Hesse election in 3978. slips 
under 5 -per cent, what hope is 


* 

there for Herr Hans Dietrich 
Genscher, the national FDP 
.chairman, in Bonn and tbe 
general election set, at the 
moment, for March 6? 

* in comparison, tbe question 
as to whether Herr Dregge& 
who has steadily brought the 
CDU up from under 30 per 
cent of the. vote ^in 1970 to 46 
per cent in the last state elec- 
tion, can' achieve an absolute 
majority is almost academia 
Herr Holger Boerner, a giant 
of a TTlBW who is the SPD prime 
minister of Hesse, managed 4A3 
per cent in 1978, but has lost 
support on the left of bis party . 
and among young voters, not 
•least through his insistence that 
a new runway be built for 


I G Metall set to claim maintenance of real incomes 


BY STEWART FLEMING IN FRANKFURT 


~l G METALL, West Germany’s 
largest trade union has 
announced that its top priority 
in tbe next pay negotiations will 
be to maintain real incomes. 

This first hint of a negotiat- 
ing stance was given yesterday 
by the bead of the union, Herr 
Eugen Loderer, following three 
days of private debate among 
I G MotalTs top executives. The 
union is -traditionally the .pace- 
setter in the annual wage round 
that starts in January. 

But Herr Loderer refused to 
be drawn into discussing 
specific figures for either the 


West Germany has lifted Its 
embargo on- arms.. deliveries 
to Aigendna>iity>os^-chu1iig 
the Falklands conflict last 
April, an Economics Ministry 


spokesman said yesterday, 
Reuter reports from Bonn. 

The Hai niw irg shi p b uilding 
company Blohm and Toss, 
which is building four frigates 


for the Argentine Navy, said 
it had been given oral per- 
mission to deliver the ships, 
the first of which should be 
completed by .the end of this 
year. 


size of the claim or the 1983 
inflation assumptions on which 
it would be based. 

' Unoin leaders have, -however, 
bad to bow to the political and 
economic realities . facing them 


in outlining their target 
' in each of the past two years, 
I G Metall has been unable to 
secure a general wage increase 
for its members above the pre- 
vailing rate of. inflation. 


In 1981, the union secured a 
5.3 per cent increase after hav- 
ing made an 8- per cent claim. 
But inflation that year ran at 
5.9 per cent 

- This year, the union -secured 


New Brezhnev bid to strengthen Iran ties 


BY ANTHONY R061NS0N IN MOSCOW .. . 


;"MR LEONID BREZHNEV, the 
Soviet President, flew to the 
...Azerbaijani capital of Baku on 
....the Caspian Sea yesterday in a 
surprise move which Western 
.' diplomats believe heralds a 
/ .fresh attempt to improve rela- 
tions with Iran. •* 

The ostensible reason for the 
: !' visit is to confer the Order of 
... Lenin on Azerbaijan in recogni- 
'.' tion of its economic achieve- 
-"jments. This will also reflect 
*. ..glory on Mr Geidar Aleyev, the 
57-year-old Republican party 
* secretary, who is believed to be 
.. , one of Mr Brezhnev’s favourite 
j /younger proteges. 


But'Mr Brezhnev i& expected 
to use the- occasion to make a 
major foreign' policy speech oh' 
the Middle East in general and' 
relations with Iran -in parti-’ 
cular. Soviet media "comment, 
and particularly: Soviet radio 
broadcasts' In Persian, have 
been' much less critical of - the 
Iranian . regime' - in recent 
months at a time when Iranian 
comment has grown increasingly' 
anti-Soviet in tone. - Tbe Soviet' 
Uz^on is also- extremely worried 
about -the Iran-Iraq war and has 
consistently called on the two 
sides ta end their struggle. The 
conflict can cnty further .the 


Interests' of the TXS. in the 
region, the Soviet Union has 
'wdxtied an .'many occasions. 

Continuing Soviet concern 
about internal developments in 
Iran and the risk .of contagion 
over the Soviet border was sig- 
nalled last month when a team 
o£ Iranian wrestlers was refused 
a. Soviet entry visa for a match 
in . Baku. Western diplomats 
here : .believe that the Soviet 
authorities did not want to risk 
pro-felamlc slogans or other 
demonstrations which ' might 
have encouraged Islamic or 'pro-: 
Iranian. sentiments among the 


Soviet Azerbaijani population. 

Mr Brezhev’s visit to Baku is 
his first working visit outside 
Moscow since March, when he 
•made a major speech in Tash- 
kent caHing for improved Sino- 
Saviet relations.. .. 


• The Soviet Union has offered 
to build a i;000*MW nuclear 
reactor which would double the 
Capacity of the existing Tarapnr 
plant near Bombay, according 
to Indian reports.. The offer 
was apparently made during Mrs 
.Gandhi’s talks in' Moscow with 
Mr ; Nikolai . Tikhonov, the 
Soviet Prime Minister. 



President Brezhnev 


Saudis ‘broke 


up Mecca 
gathering’ 


New chairmen for Italian state concerns 


BY JAMES BUXTON IN ROME . 


L " JEDDAH — Saudi Arabia said 
'— yesterday its security farces 
'"broke up a gathering of Iranian 
pilgrims in Mecca but denied a 
Tehran radio report that, police 
used teargas and made' baton 

charges- 

The official Saudi Press 
Agency quoted an Interior 
~ Ministry spokesman as saying 

- security forces dispersed pil- 

• griras carrying pictures of the 
■■ leader of the Iranian revolution, 

- Ayatollah Ruhollah Khomeini. 

The spokesman said the 

- ■ crowd, outside a building in 

- Mecca used by Iranian pilgrims, 
-‘-also displayed banners, but it 

• ‘denied a Tehran radio report 
“- that some staged a sit-in at a 

masque after others were 
-• arrested. 

Reuter 


THE ITALIAN " Government 
yesterday appointed- new chair- 
men for both IRI and ENI, the 
two main State' holding' com- 
panies which are among the 
largest enterprises in the world. 

The. new chairman, of IRI 
(Institute per la Recostruzione 
Industriale) is Sig Romano 
Prodi, a 43-year-old economist 
who for a-short time in the late 
1970s was Minister Of Industry.' 
He replaces Sig Pietro Sette, a 
veteran state sector manager, 
who had run the industrial 
holding company for nearly 
four years. . . ' 

ENI : (Ente . Nazionale Idro- 
carburi), the state ' energy 
company, Is to be run by 55- 
year-old Sig Umberto Colombo,' 


currently chairman of ENEA, 
.the Italian nuclear authority. 
He Will replace Sig Enrico. 
Gandolfi, the Special. Commis- 
sioner who was installed at ENI 
last March for an initial six 
month period. 

The appointments appear to. 
have been much less bitterly 
contested than in the recent 
past Last spring, the sudden 
sacking by the Government of 
Sig Alberto Grandi as chairman 
of ENI sparked a serious politi- 
- cal row, because it was seen as 
a blatant attempt to replace the 
-Christian Democrat nominee 
with a Socialist, Sig Leonardo 
di Donna. 

In the .end, the 68-year-old 
Sig Gandolfi had to be brought 


in as .a neutral interim commis- 
sioner. 

Until almost tihe last moment 
it appears that Sig Gandolfi 
would be made chairman for 
the next three years. -But, in the 
end, the Socialists insisted that 
Sig Colombo, a technocrat con- 
nected to the party, was brought 
in. He becomes ENTs fifth boss 
in . three-and-a-half years. ■ 

Sig Prodi, at IRL Is likewise 
primarily a technocrat though 
connected to the .Christian 
Democrat party like his pre- 
decessor Sig Fettesw The 
replacement of the publicity- 
shy Sig Fettes appears to have 
been brought about by Sig 
Ciriaco de Mita, the Christian 
Democrat secretary, who is 


/ Poland hits at 
■ Western banks 


Reckoning soon on Lisbon’s electricity bill 


BY DIANA SMITH IN LISBON- 


A SENIOR Polish government 
official has complained that 
Western banks are showing a 
lack of “long-sighted realism” 
in dealing with the country's 
debt problem, writes Christo- 
per Bobinski in Warsaw. 

Tbe statement by Mr Stanlis- 
law DIugosz, deputy head of 
the planning commission, came 
.as Polish negotiators are near- 
*-ing agreement with western 
* banks on rescheduling $3.4bn 
.of debt due this year. But Mr 
DIugosz said “ there is no point 
" in talking of repaying our debt 
" over the next seven or eight 
' years. We need a much longer 
-■ 'period.” 

" ' Mr Dlugosz’s words do not in- 
- ' -dicate any backing-off from tbe 
imminent 19S2 rescheduling 
'■"deal. But it does reflect a grow- 
f ' in disenchantment with year-by- 
: year rescheduling agreements. 


ELECTRICLDADE de Portugal,- 
the Portuguese electricity cor- 
poration, plans changes that 
the Balsemao government 
hopes will induce rebellious 
local authorities - to - pay . the 
Esc ~ 30bn (£2 05m) they.. owe 
and give authorities, more say . 
in corporation policy- . - 
The Corporation .is io a 
bizarre . position, saddled with 
mounting, debts due to the' 
bank loans taken to bridge the 
gap in operating funds caused 
by the municipalities' debts. 

Oporto, for instance. Portu- 
gal’s second city, with a 
population of about 500,000. 
owes the corporation Esc 5b n. 
It has not paid anything since 
1978 for the . . electricity it 
receives from the -corporation 
And it is' charging consumers 
the 1977 rate of Esc 1.10 a kilo- 
watt hour.- Current- corporation 


rates - are Esc 4.95. 

According to a government 
source, Oporto probably charges 
the lowest rate for energy in 
the world, barring rice husks. . 

As with so many of Portugal’s 
-headaches, the problem began 
■in 1975," with the ' abrupt 
nationalisation without compen- 
sation of 14 private companies 
that distributed electricity and 
enforced incorporation into the 
newly-created corporation. This 
was intended to link the low 
and medium vokage distribu- 
tion systems that some of the 
country’s 300 mumdpaiities 
operated. - 

The first municipal s y stems 
■to be incorporated were in un- 
profitable poor rural areas such 
as Teas os Montes and the 
Alentejo. But the revolution, 
cooled off and many areas, 
namely more developed Urban 


zones, stayed outside the cor- 
poration, though they did re- 
ceive electricity from its grid. 

Meanwhile, the municipalities 
had few runds at their disposal 
and either could .or would not 
. pay .the corporation for electri- 
city they were receiving 
- The Government is retting up 
arbitration committees to per- 
suade rebellious authorities to 
admit they owe money. 

Second, the corporation’s 
statutes are to be changed to 
permit local authorities stronger 
representation on the board of 
directors and on new regional 
councils and local distribution 
-centres. 

. And the Government has 
issued a decree that grants local 
authorities the right to distri- 
bute electricity* either directly 
or as corporation conces- 
sionnaires, tfran . reclaim in- 


Marseilles 
medical fund 
scandal 


Brazil to tighten up 


Frankfurt Airport despite the 
ecological problems » 
The “ runway party,” as it is 
known, is likely to cluster 
round the Greens, tbe 
ecologists' movement, who are 
all but certain- to triple their 
2 per cent in 1978 and achieve 
representation. - - 
If the CDU does not achieve 
an absolute majority, then Herr 
Boerner would theoretically be 
able to retain power in coali- 
tion, but has vowed to have 
nothing to do with the Greens, 
whom he has dubbed as 
“ fascists,” In the circum- 
stances, the election may prove 
less derisive for the 4m Hessian 
voters than for the politics of 
Bonn. 


spreads new austerity drive 


By David White in Paris 


BY ANDREW WHITLEY IN RIO DE JANEIRO 


a 4L2 per cent rise after putting 
in a 7.5 per cent claim, and it 
looks as though the cost of liv- 
ing will rise about 5 per cent. 

With productivity expected to 
increase about 3^ per cent this 
year, the modest rise in wage 
costs has been an important 
factor contributing to the slow- 
down in inflation. 

The next wage round seems 
likely to be conducted against 
even less favourable conditions 
for unions than this year. 
Unemployment - has risen 
sharply, and unions face a 
Government swing -to the right 


WHAT STARTED as a politi- 
cal scandal surrounding Iff 
Ren* Lncet, former head of 
Marseilles' regional medical ■ 
fund, has turned instead Into 
a juicy case of fraud and em- 
bezzlement, involving a chain 
of civil servants and building 
contractors. 

When M Lncet was found 
dead in his home in March, 
the opposition Press and the 
more conservative unions' rose 
in anus. The Com m un i st-led . 
CGT union had been engaged- 
in a bitter fight over the way 
M Lncet was going about 
bringing the fund’s finances 
Into order. A few days 
before, the Government had 
suspended Iff Lncet" from his 
job. 

If It ' was suicide, as sup- 
posed, then how did M Lncet 
manage to fire two bullets 
into bis head? An investiga- 
tion was ordered. In six 
months, it has still not man- 
aged to solve the death riddle. 
But it has uncovered a long 
trail of forgery scandals sur- 
rounding public works con- 
tracts. 

The trail which has- gone 
by way of the Marseilles town 
hall (but without touching 
the mayor, M Gaston Defferre, 
who is also Minister of the 
"Interior) "and the scandal- 
ridden. business circles of 
'Nice, has now led back to the 
place where it all began. 

Six more names were added 
to the long list of indictments 
. this week, including tbe man . 
who . served as M Lucet’s 
number two and who has 
taken- his place. His assistant 
has been detained and charges 
brought against four company 
chiefs. 

The state ' prosecutor 
pointed the finger directly at 
M Lncet A communique 
stated that under his manage- 
ment the fund had paid con- 
tractors' bills to a value “ well ’ 
above ” what they should 
have been. It added that this 
practice was “ known to the 
management ” and- that, 
during this time “l^rge sums” 
appeared on M Lucet’s own 
account, which did not 
correspond to any declared 
source of income. 

Investigators have so far 
declined to suggest how much 
money is involved in the 
alleged frauds. 


THE BRAZILIAN Government . 
is to tighten drastically its 
alreadv stringent import con- 
trols. The list of banned pro-; 
ducts is expected.to be increased 
considerably, while all quotas oh 
permitted imports are to bo 
reduced. 

This year exports have fallen 
by over 10 per cent. This has 
virtually eliminated the hoped- 
for large trade surplus and 
forced the latest measures onto 
an embattled Government, ' 
which" Is struggling to avoid 
recourse to flic IMF for help. 

As the central plank in Us 
austerity drive the Government 
has also confirmed that it aims 
to cut' the public sector deficit 
by over half next year. 

In an interview with the mass- 
circulation newspaper "O 
Glob o’* yesterday, Sig Antonio ■ 
Delfim - Netto. the Planning 
Minister, said the deficit would 
be reduces from the current 
5.6 -per cent of GDP to only 3.5 
per cent. 

Businessmen widely antici- 
pate a series of restrictive 
measures to be announced after 
the November general elections, 
including an end to the infiati on- 
proofing of wages and. possibly, 
the rationing of petrol and 
diesel so as to further reduce 
the oil iriport bill. 

' The National Energy Council 
in Brasilia is now studying. a 
plan to cut next year's oil im- 
ports by nearly a quarter from 
the 1982 figure of 730.000 bar- 
rels a day. Oil still accounts for 



Antonio Drifin Nctt» 


half of all Brazil's an ports, 
despite diversification into 
alternative fuels and stimulation 
of domestic production. - 

In tbe first half of this year 
the oil import bill came to 
$4.Sbn, out of total imports of 
S9.7bn. Overall., the .latest 
figures show imports down by 
13 per cent by comparison with 
last year but the weakness of 
exports has -meant that the 
trade account is going to be of 
little help in reducing the 
country’s current account 
deficit 

The new import controls, 
affecting virtually alt non-oil 
goods, are expected to be 
announced early next week. 


ililfl 


-. for 

-i.it’ rr 


Interest payments boost 
Mexico’s first-half deficit 


BY WILLIAM CWSUETT IN MEXICO CITY 


anxious to put a new face on 
Italy's long ruling party. 

At EFIM, the third and much 
smaller state industrial concern, 
Sig Corrado Flaccavento, con- 
nected to the Social -Democrat 
Party, has been reappointed as 
chairman. 

All three chairmen face 
alarming problems. IRI is ex- 
pected to lore L2148bn (£900m) 
this year on turnover of more 
than L30,000bn due to its 
enormous debt and the 
disastrous performance of the 
state- steel industry. ENI, whose 
turnover in 1981 was L37,000bn, 
is expected to lose more than 
L400bn this year due. in part, 
to its heavily loss-making 
chemicals sector. _ 


Zinc producers 
seek European 


crisis fund 



corporated distribution rights 
and. assets over the next five 
years. 

But authorities wfll have to 
pay the corporation the full 
market price for any extensions 
made in former corporation 
areas. AH corporation staff will 
'have to be taken on at. equal 
status and pay by the reclaim- 
ing municipality. Finally, muni- 
cipalities will only be allowed 
to - distribute low voltage, not 
medium. 

There is a slightly machiavel- 
lian flavour, to all this, and the 
contradictorily - worded decree 
panicked corporation workers 
.into believing .the authorities 
■ were planning to dismantle the 

• organisation, -so. they went on 
-strike fbr a day. In fact, the 

• Government plans to reinforce 
lhe corporation by very rounda- 
bout Portuguese -means. 


BRUSSELS — European zinc 
producers have requested 
formal permission from the 
European Commission to ret 
up a crisis fund to finance 
plant, closures in the reces-. 
ston-hit industry, officials said 
yesterday. 

The plan, drawn up by 
about 12 major companies, 
envisages shotting down 
around at least 150,000 
tonnes^ or 10 per cent, of total 
annual production capacity, 
they said. 

It is now under study by 
the Commission's Competition 
Department, which has wide 
powers over industrial com- 
petition and co-operation in 
the 10-nation European Com- 
munity. 

The officials said - the pro- 
posals represented a unique 
attempt by a group , of com- 
panies to cope with effects of 
recession. 

Demand for zinc, used 
extensively in batteries, steel 
galvanising, roof coverings 
and brass, has slumped in line 
with tbe - general economic 
downturn over the past few 
years. 

The fund, whose size the 
officials 'declined to reveal, 
would allow all producers to 
share closure and- redundancy 
costs at individual plants. 

The zinc companies, who 
have found their profits 
slashed by rising costs and 
falling demand, hope, -the 
closures wfll prop up prices 
on international markets. 
Zinc currently sells at $800 
per tonne against the $956 " 
companies could charge at the 
beginning of this year — 
Reuter 


MEXICO'S current account 
deficit ip the first half of 1982 
was . $4.16bn (£2.43bn), only 
$100m less than the correspond- 
ing 1981 period despite greatly 
reduced economic activity. 

The deficit was largely due 
to a 70. per dent Increase in 
interest payments of $3.9bn on 
the public sector external debt 
of $ 60 biL- .' 

Mexico's, debt, crisis has 
caused the economy to come to 
a. standstill after four years of 
high growth. The economy is 
expected to grow by 1 to 2 per 
cent in real terms this year 
after a rate of 8 per cent last 
year. 

- The Bank of -Mexico figures 
confirmed that the Government's 
■austerity measures, introduced 
after February's 45 per cent 
devaluation of the peso, are 
beeinning to have an impact. 

Imports in the second quarter 
were down to $4.4bn from 
$5.9bn in the second quarter 
of 1981 and $4,4bn in the first 
three. months of 1982. ' 

As a result Mexico registered 


a trade surplus of -$700m in the 
first half of the year compared 
to a deficit of $l.lbn for the 
first six months of 1981. 

Tourism income, surprisingly, 
dropped $l23m to $82&5m, 
despite the new exchange, rate. 
However, expenditure bv Mexi- 
can tourists abroad, which has 
been a heavy drain- on the 
current account, was down S88m 
to $522. 7m. 

The Goverment believes that 
the. current account deficit -for 
the year will be between $8bn 
" and SlObn compared to last 
year’s record $11.7bn. 

All imports are subject , to the 
licensing system from this 
month and f uO exchange con- 
trols are in force in an aitcopr 
to bolster the shaky position of 
the reserves, which have been 
-shattered by massive outflows 
of capital. 

Errors and omissions, which 
are taken as an estimation of 
outflows of capital, were $2JWbn 
in the first half of the year as 
against $1.5bn in the corres- 
■ pending 1981 period. . 


"iv f Vi 
ft* ' *1 
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■■'.I ■.'* • 

;*« V. ' 

- 


d. 


Venezuela plans talks 
soon on $ 600 m loan 


BY KIM FUAD IN CARACAS 

VENEZUELA - is to begin 
negotiations soon for a $600m 
; to $800m loan to convert its 
short-term .debt' to medium and 
long-term, public finance 
general Director Ignacio Sando- 
yal reports. 

. Dr Sandoval sal d that not- 
withstanding - - deteriorating 
financial market conditions, 
Venezuela ''intends- to continue 
its programme of refining short- 
term debt According to Finance 


Minister Luis Ugueto, 47 per 
cent, or $8.7bn of Venezuela's 
SlS-Sbn foreign debt is short 
term. 

Additionally, Venezuela is 
also approaching banks to sub- 
stitute- medium and long-term 
Republic of Venezuela obliga- 
tions for short-term debts in- 
currenced by state entities, such 
as Eoos, the state-owned -water- 
works. “ The idea has been well 
received by the banks,”- Dr San- 
doval said. - 


El Salvador poll date set 


BY ANATOLE KALETSKY IN WASHINGTON 
GENERAL ELECTIONS, which It may have persuaded leftist 
will create a ftdlp constitutional' guerillas that they could not win 


government in El Salvador, will a military victory and it has 


be held in the spring of 1984, convinced many governments in 
Sr Alvaro Magana, the country's Europe and Latin America that 
president, said in an interview El Salvador “now has a legal 


published yesterday. 
The . constituent 


government” and . made, good 
assembly, progress towards writing a new 


which was created. Jast March constitution. -. - 

after. 1 i controversial election nr -, -„■«,« 
strongly supported by the . 5113 that a con- 

Reagah AdSnistraticm, has stjrutlon shouId be ready 


“substantially changed" the ^e spring of 1983,. preparing 
country’s political and military the- way for a presidential filec- 
situaBen. -' 1 - — - - " • 




Public sector pay freeze suzu *<"s visit to Peking 


tioh. a year later. 


in spending cuts package Japan keen to improve links with China 


"Where we used to have 40 seats there are now 26. big, wide, private 
Business Class Seats, up front in our daily, whisper quiet Olympic . - 
Airways Airbus. Phis exceflentwining and dinin&yoio- own check-. . 
in desk, extra baggage allowam^ and priority boarding.'A first dass' ! 
way to fly to Athena Ask your IAEA .. OIL-'V' JHF J 9 WC 
I - travel agent He knows. ■ 41 jp *r a y j*r 


MI New Bond Street, London WTY 0BB Tckphont 01-493 7262 Presttfc 344580 


TOKYO — The Japanese Govern- 
ment, struggling to reduce a 
huge budget deficit, yesterday 
won Cabinet approval .for a 
package of measures to cut 
public spending and bureau- 
cracy. 

The Cabinet endorsed a deci- 
sion taken earlier this week to 
freeze a 4.5 per cent pay rise 
for 500,000 government em- ■ 
ployees. It also ordered i tem- 
porary halt to new recruitment 
by state-run Japanese. National 
Railways (JNR) as. part of plans 
to rehabilitate rail finances 
within five years. 

JNR* with long-term debts of 
YX7,000bn ($64bn), is expected 
to report a fiscal .1982 deficit 
of about Yl,500bn ,($5.8bn) 
despite large Government sub- 
sidies, and has : already em- 
barked on its own cost-cutting 
programme including cutting its 
staff ~by. 70,000 to .350,000 by 
1985; 

The Cabinet, also announced 
two bodies to be set up to' 
supervise JNR’s revival — • a 


Government committee and a 
special ministerial council. 

• The pav freeze, which has. 
already .prompted ;a. ' token 
strike • by some.-' transport 
workers, is expecte d to save the 
government Y322bn- ($L2bn) a 
year. . This year’s . tax revenue 
shortfall- Is likely to- reach 
Y6,000bn <$22.ebn), ■ ■ 

- Mr Zenko Suzuki, the Prime 
Minister, called oti local 
authorities, to match the freeze 
—the ■ first .on government 
workers since 1949— by defer- 
ring the next pay rases for their 
3m employees. - 
Wage increases for govern-- 
meat staff are recommended by 

the national personnel authority. . 
an independent body. set- up as 
a counterweight to- the . law 
which -denies public servants the; 

right to strike* - = 

Other measures recommended 
by a special committee include - 
reviews of the old age pension 
system and state-subsidised pub^ 
lie health expenditure, 

Reuter 


BY RICHARD HANSON IN TOKYO'- AND COUNA MACDOUGALL IN LONDON 


MR ZENKO SUZUKI. Japan's 
Pi?iie Minist er, arrives in 
Peking tomorrow' to com- 
memorate the tenth anniversary 
' of the post-war restoration of 
official, and mostly, friendly ties 
with China. 1 

The two- rides- have agreed 
not- to allow a recent con- 
troversy over' - changes • to 
Japanese history textbooks to 
mar the . visit. • 

Mr Suzuki plans to hold two 
meetings with China's premier. 
Hr Zhao Ziyang, who himself 
paid a visit to Tokyo in June 
before the row broke out. On 
Wednesday, Mr Suzuki will 
deliver a memorial speech, after 
which he will tour southern 
C hina , 

During his visit, Mr Suzuki 
will sign diplomatic .notes on 
the extension of Y65bn <£144m) 
in loans this year to . finance 
fiv& development projects. 
Agreement on this loan was 
swiftly reached" in talks last 


August despite the textbook, 
row, suggesting that neither' 
side wants its economic ties 
disturbed. ' 

Sino-Japanese relations 

reached a ten-year low- over the 
summer as a result of reports of 
revisions .in . high-school - text- 
books in Japan, which softened 
descriptions of Japanese behavi- 
our before and during World 
War EL These involved, for 
instance, substituting' the word 
"advance" for . * aggression" . 
when describing - the Japanese 
Invasion of Ghinat 
' A diplomatic solution, to the 
problem wa^ found last month. 
The Chinese government- 
accepted a Japanese promise to 
amend the .revisions, and Mr' 
Suzuki is expected to • offer: 
assurances on- this during his ' 
trip. 

..Japan and China restored' 
postwar diplomatic ties with- the. 
signing erf a joint oommuunique 
on September 29, 1972, but not 


untH; 1978 was a treaty of- peace 
and friendship agreed. ' 

..' Since. 'then, until the text- 
book-- row,- political relations 
‘have -.btossomed, with earlier - 
vials to "Japan by China’s para- 
mouiit' leader Deng Xiaoping 
and '.former Chairman. Hua 1 
Guofeng, as well as • premier 
Zbaoi. v 

Of therprojects to be- financed 
under the 1982 aid agreement ~ 
whirir. Mr Suzuki will .sign,' two 
are doai-Ioading facilities and 
two are ■ - rail • . improvements. 


They were originally approved 
under ..China's, aid pact -with 
Japan; ‘signed- in -197ft 

A fifth- will .come-in the form, 
of commodity loans to finance 
two .additional - .projects, 
originally- to' be paid for 
through commercial credits. 

Though Sino-Japanese trade 
last year stood, at over $10bn, 
ten. jimes the: pre*1972 -figure, 
the last IS months have seen 
increasing problems. Last year. 


Japan had Its first deficit to 
bilateral trade, with their 
. (sports, at $5bn, some $300,000 
below imports.; 

That deficit grew in 'the -fifft 
half .of last year to nearly $lbu. 
with Japanese exports falling 
by over. ,37 per cent. 

China's economic "readjust- 
ment ” policy last year meant 
..the cancellation of hundreds of 
millions of dollars’ worth of 
Japanese steel and- chemical 
plant orders. While some were 
.later' \ reinstated (two ,/are 
being financed •' by the com- 
modity loan - under this year’s 
aid pact) and. compensatwfl 
paid |or thotfe that 'were not 
the Japanese have become 
more wary io their trade deal- 
ings with Peking. ;•-• 


FINANCIAL TIMES. puMIrtfcd 
.axoapi Sundays - tnd holidays. U.S.- 
•ulwcriptton rates 3365.® par aniiw- 
Second Class postage paid at W' 
York, N.Y., and . at additional 
contras. --- — - - - 





3 




Beekeepers in troable as nature’s honey pot is ploughed up 


. THEf- PROSPECTTof . a :3*x£b "_-S . - Ct. SfiU.1 

percentage riTtiaear workforce ... om InKlUfe ffllw 
:d5HW.7^ew)ugfe,tid frtgjtenaay' r . ; - . ,> : .**-•*•& a s 

here with Httte teervre forithe 
. dflefnanferdBch)^ : lffl3g ; wmternionths..' 

X^eri^+fAb ^are " Suffering a " < Beekeepers notinsfly-replaee 
hard jtmttr; this year^^trtiOBe . the ;itmey they take fixuB' fte 
'longterm- future krofcs ^even ‘Ifiye with liquid sugar to help 
bieaker^-T. L' \ the bees survive.' But : thfe- year. 

_ vId l . Ja^u«t > .“one ; <rf : ->^he the EEC. -pot" <he' price d sugar 
country 5 *^ 'hugest beekeepers. 'WftMn -the Community up by 
Gales . ofc gtedtepop ytfy (whlda Its. per cent, bringing: the/oast 
-had ;.*> ^.jdpajepdtidn. Wilfcrthe per tomre - to over '£400: at -a 
Galesr- brand':** hooey soid is time wheirthe world market 


areas are threatening our bee population, John Edwards reports 


. the 8&>j»),wa8- forced Setose. priceis neararfSO.^o there mH 
Mr ^ewtUM^ iigRuagnig be a natzg^ indinatiwi .to- give 
director, - cfaiffled . (3*$ ; f&e- bees the bees, less sugar, : -vridch-will 
pvm. the company^ ’ 900 hives shraoktoepojmlatiQii ofhiyes 
Were' nnafeie enough even further. - "■ 

hectar^na.~ pdge n to coUect and . Beekeepers - reedae * grant 
Jim into -suffiDient honey to from, the EEG ComjedaE ion of 


*eep ^he badness goring. . — 

' OWnkHH* l! v^rgi* wftftirf . ; the 


one , European currabey .unit 
(about 60p)a hive, .fiu^'tbas has 


industry as i&i'ltie rear reason been more than oftset- hy. the 
: for-the iflp gge , of Chiles. JBgh by rise in the co^tofsugar.Y The 
. . - common conseot il r-has been - a grant 4s .supposed to’ encourage 
. bad weather yefcrfbr bees anal beekeeping; 'within, the Com- 
thfo could - , res ult. Jar „m' ...con- iminity. ;■ bnt - it ' wBl .dpi little to 

1 gwgraMy - dgrrm ri she^-popotetion. help theptight bf Brftaiiv’sbees. 

after, 4fae whiter. • . “ ■The' fundamentnUrobletn Is 
V‘ ‘A mMveflotw spaing— one ’of ■. changing - structure of 

■ • ev ^ r aac “^ n ?-to bee- .'UK ugricultture - as making the 

: fteepexgr- Wfas fallowed 1 by ah. r coBettion . of . boner more- and 
appalling s umme r leaving the Jnore> difficnit-for the bees. 


Mr A. D. Winslow, secretary 
of the Bee Fanners Association, 
claims that the,, plough is to 
blame. In ' the last' .80 .years 
farmers have ripped tip' .the 
• bedgegrows and pastures: where 
wild' flowers used to. grow, pro- 
viding - the most plexitiM source 
of iHwey.---^ . • 

The- eastern half -of Britain 
is -now almost' entrrely devoted 
tocereal and' root crops and-for- 
age for the bees. has. been re- 
duced drastically. - . 

The Use of agricultural pesti- 
cides also causes .problems, 
eSpecfaHy'aerial spraying, Which 

can prove fatal to bees. : 

The increased, acreage devoted 
to oilseed rape, (the plant with 
yellow: flowers looking like 
mustard seed) has been a help 
since it - is. a good , source of 
honey, if somewhat bland. - L Bnt 
it has brought new problems. 
Honey- produced from. - rape 
crystallises . very , quickly so it 
has to be taken from the combs 
almost immediately, at the "time 
of year. When ' tfae-beekeeper is 
most busy. 


v Pasture areas are being 
reduced, a& fewer cows produce 
- more milk; there are Jfewer ' of 
the beefs feyouiife- trees (such 
as lime and sycamore); and as 
Britain's moorland shrinks the 
potential for collecting heather 
honeyisalaodiminisbdng. 
i Orchards are .a poor source of 
honey; indeed fruit growers 
-have to pay beekeepers to bring 
their hives to Kent in the 
sprang, I to pollinate the crop. 

Without sufficient bees many 
bops would be threatened, so 
f arm ers have a Vested interest in 
protecting bees although their 
immediate profits may be. 
affected. 

-Reliable statistics are * bard 
to come by. However it is esti- 
mated there' are -some 40,000 
beekeepers in Britain owning 
about 200,000 hives — popula- 
tion per hive varies from 15,000 
to 50,000 during the year. The 
majority of .beekeepers are 
amateurs -with only a few bives;- 

There are some '400' commer- 
cial beekeepers, who produce 
about a quarter .of the total UK 


honey output — from 1,500 to 
1300 tonnes a t year. Total 
honey consumptipn is more 
than 15,000 'ttmnes annually, 
with - imports accounting for 
some 90 per cent of sales in 
spite ota heavy import duty. 

The commercial beekeeper 
needs to produce at least 40 lb 
of honey a year pet hive to 
be profitable (against an 
average for all beekeepers in 
Britain of 25 to 301b). Apart 
from the efforts of the honey 
packers to. keep prices down, 
the beekeeper also faces the 
problems of disease (both Euro- 
pean and American foul brood) 
and prevention of swarming, as 
well as. increasing feeding and 
transport costs: 

But it has attractions, even 
to the commercial - beekeeper 
who treats bees as any other 
livestock and even clips the 
wings of queen bees to prevent 
them swarming. 

_ Mr Oliver Field, formerly an 
engineer, does not believe in 
the mystique that surrounds 
bees although he admires the 


system of management that has 
enabled them to survive for mil- 
lions of years without any 
change in their way of living. 

He has enjoyed getting away 
from the rat-race of industry 
Into a small unit (some 200 hives 
spread from Bracknell to 
Hungerford). producing over 
3.5 tonnes of honey a* year 
virtually on the premises at his 
home near Reading. 

He has organised a beekeep- 
ing operation In the Yemen, 
where Arabs are prepared to pay 
up to £20 for a lib pot of honey, 
and he is malting a reasonable 
living in Britain where the re- 
tail price varies between £1 to 
£130 a lb. 

But he is aware of the fine 
line between success and failure 
in commercial beekeeping. 

However, it is the longer-term 
threat of declining areas for 
bees to collect honey that is the 
real worry. As conservationists 
have' frequently pointed out, up- 
setting the ecological balance 
can result in unforeseen 
repercussions. 



One of the country’s best known beekeepers. Brother Adam, 
a Benedictine monk, from Buckfast Abbey, Dartmoor 


’ -rn, : 
,; «i-on. r 

'="•‘1! h 
" 1 - T. 

v 

1 V* 
K :n.- ^ 

‘HQ 


18 -monfli 
low for 
Krugerrand 
sales 

. By Hoc WfHdnson^ 

~ Economics Corre^piofidant. . 

; SALES -of gold Krugerrand 
rtins fell sharply in- August to 
i worldwide- 'total of 52300 
ounces, the lowest monthly sale 
,-mce February 1880. .. 

According to- figures Jssuedin 
London yesterday by the Inter- 
national Gold •. Corporation, a- 
total of 2.05m ounces of 
Krugerrands had been sold in 
the eight months to August this 
year. This conipared with 
235 ounces by August - last 
year. . • ••• ; 

The corporation says the small 
sale in August was jl reaction to' 
the rinxp rise In tha price of 
gold during the month, when it 
reached a peak lof $430 per 
ounce. 

It tidnks. this : riiarp rise in 
the gold price encouraged some 
.holders of Krugerrands to -take 
a profit by selling the emus 
bade into the -market However 
it does not expect any significant 
•farther ,."<Hshoaitiing” until 
.there la a substantially higher 
. . gold price.' . l :• .'I ' I 

InFestn^itretiinr 

MORE than tinreequasters of 
investment -trusts arideyed . a 
better total. s return on share 
price t tbS8a. t^JPitwnBUd- Times 
Actuaries . AQ I Share Jndex in 
the five yeans to August 31, 
acccudlng tb. die Association erf 
Investment Tnist Gonvabtes. . 

The association’s monthly 
monitoring' /statistics are pub- 
lished today and cover the £9bn 
under management by the 
investment ; trusts. Ibeir asset 
performance,vthe association 
says, should be compared with 
the average ; perfonhance ~ of 
overaeas stock maakiels and the 
UK market, -taking into account 
currency, fluctuatkms. : On this 
basis overseas markets, over the 
five years underperformed ..the 

uk. 1 • 

First water grid 

BRITAIN’S TTRST re^onal 
water grid was opened at Riding 
Min, Northumberland, yester- 
day when • Mr . Christopher 
Tugendhat, vice president of 
. the EEC Commlssipn, completed 
the final link in the Ki elder 
water chain. 

He pressed a button starting 
one of the 'massive 4,000 horse- 
^ power . pumps which ! transfer 
-water uphill, from the' River 
Tyne to Wearside and Teesside. 

' The project cost £167m and was 
largely financed by the EEC. . 

: “ It is the largest single pro- 
ject in ' which -the European 
: Community baa ever been in- 
volved and- has received more 
: money from Community sources 
■ than any other undertaking in 
any part of the EEC,” said Mr 
Tugendhat 

Collapsable service 

■ A NEW transport service using 
collapsible containers has been 
designed to bring nearly 1,000 
tons of Spanish fruit and vege- 
table produce.a week to the UK. 
The . Spanish company Trans- 

-portes Altamira, in .ctmjuhction 
with Brittany Ferries, launched 
.the service, which uses 20 ft 
containers..- each carrying 12 
tons of produce, travelling by 
rail across Spain and then by 
' ferry to Plymouth. The collaps- 
ible containers will save' most 
-- of, „the cost, irf transporting 
empty containers ba^: to Spain. 
Forty containers will, now only 
. take eight freight spaces on the 
return journey. 

» • FREIGHT business . on 
Brittany EeaTies’ ro-ro services 
from the UK to France and 
Spain was up 62 per cent and 
. 'Si per cent resp«iuv*dy. in . the 
-first she months of the year. 

Fishery opens 

. FISHERIES MINISTERS have 

■ agreed to • open' the Southend 
' North Sea herring fishery to UK 

vessels: from October 1. 

■ The fishery will be open -to all 
UK boats infective of size, 
althwqgh: -vessels of 40ft -and 
oTCrwfll need a licence to fish. 
ThOre will be no restrictions' on 
the ' amount of fish which 
licensed -ships may catch 'par 
weet 


more 


at 


' nNKMaU.' TIMES le P OKfBt 

NEARLY- TOO mn% redundan- 
cies are. to take place: ait. the 
British; Steel 'Corporation’s 
Scunthorpe works. This will 
bring the number of BSC staff 
at the site down to 7,600, -cmn^ 
pmed '-.with about 16,000 ithree 
-yeazs agbT - 

Mr Damtrey Ward, Works. diree- : 
tor,! said yesterday : -that the 
latest- cuts, were in response to 
weak demand, and reflected the 
local, mapagemeufs determina- 
tion to . restore profitability. 
Scuatborpe made -■ a - profit .of 
£10.1m in 1981-82 ' :but has 
slipped into loss' since last ; 
spring.. 

The works - is operating at . 


Satellite set Hailsham supports 
to link UK TT j. 

and U.S. Howe on spending 

b usiness ** MARGARET van KA7TS ^ P&-mcAL correspondent 


only 60 j>er-cer»t of tis capacity 
.of 2.7m tomies of liquid steel 
per year, mid L200 workers are 
onfibort time. 

.' ■ Mr Ward said there was uo 
direct connection -between there 
redundancies .and. speculation 
/early ibis wrek rthat activity at 
BSC’S- Teesside works might 
soon be cut significantly and 
Imsiness- transferred from there 
to Scunthorpe.; 

- The largest number of jobs 
lost, 325, comes as a result of a 
local agreement that private 
contractors take .over a number 
of. non-production jobs. Another 
280 will -be lost in what are 


described as functional support 
areas. 

The remaining 90 redundan- 
cies result from a derision to i 
close two - batteries of coke 
ovens. 

In spite of the weakness of 
demand^ Scunthorpe’s steel 
stocks -have', declined to near 
normal and so the management 
has derided to start np the 
third -blast furnace next week. 
Since July, only- two of the 
work’s four blast furnaces have 
been -operating. The manage- 
ment' added, however, that 
demand was still well below, 
the '.full capacity of the three 
furnaces..' 


BNOC to maintain oil price 


BY RfCHARD JOHNS 

THE .-British -• National OH , ‘ One factor behind- both the 
Corporation has. told petaoletttn .Corporation's -decision and the 
'companies that -ft intends ' to industry’s acquiescence Is 
keep the price of North Sea oil Opec's continued determination 
...mBhanged .at $33.50 (£19.70) to defend its reference price of 
( 5»er..' barreT-'. for - the fourth $34 pec barrel for the Arabian 
quarter Light “marker," in spite of the 

--it W. 

ing rates are still 32 per barrel 
set at the hegi nnin g of Jhoe- after making allowance for 
-Its. decision js .expected to be. Ii r iiy ; , - - mmlftv- and tmutnnrta-- 


rtSLSr-htfSSLS'Jt after matog allovrance f or 

' gravity; quality and.transporta- 
’ tion— giving a rate of $35^0 for 
gjl com jjanies, mriuding British A jr rican preni xuin crudes equiva- 


Petroleum and SbelL. . 

BP aridi $hell, struggling to 
eliminate losses from their 


lent to North Sea oiL 
‘ Libya and, to a lesser extent, 
Algeria — have been giving 


refining and marketing opera- various disguised discounts. At 
tious in the UK, would have the same time, however, they 
.most to gain from a lower, price are under pressure from Saudi 
because of tiieur. greater access . Arabia and other Gulf producers 
to North Sea crude, which is to raise: their differential over 
cheaper than varieties produced and above' the Opec reference 
by the Orgudsatien of Retro- from $L50:to $3-80 per barrel. 
leum Expogclfng Countries. ; General firming of spot 


market prices and the consensus 
that demand wlH increase in the 
fourth quarter with the onset of 
winter and because of the run- 
down. of stocks, also justify the 
corporation’^-. decision. . 

The corporation is Insistent 
that it sets a price wholly in 
conformity - with micrketrcohdfc-* 
lions. Yet the Government is 
clearly anxious to obtain the 
maximum return from the sale 
of 51 per cent of the shares of 
Britoil, which holds the produc- 
ing and exploration assets 
owned by the corporation until 
the beginning of August 

From this point of view, 
maintenance of at- least the 
present price is essential if the 
Government is to avoid charges 
of selling off the nation's wealth 
at a discount and avoiding the 
kind of embarrassment which 
followed the privatisation of 
Amersham. 


Manufactured goods exports down by 8i% 


THE VOLUME of mtporta of 
manufactured goods fell by 
8Jr per rent in’ the threemonth 
period June to. August, com- 
pared With, the previous' three 
months. 


‘ ' In the same period the 
volume of imports fell by 4} 
per' cent, though Imports have 
increased substantially since 
1980. 

. One of the sharpest fafls in 


exports wag in cans, where 
sales fell by 16 per cent from 
one three-month period to the 
'next There was a sharp 
drop In exports of food, 
beverages and tobacco. 


BALANCE OF TRADE 
(VISIBLES) 


1980 

1981-' ■» .-”• 

1981 3rd qtr.' 

: 4thqtr- 

1982 1st qtf. ' 
2 nd qtr. 

1981 July. : 
August 
September 
October 
flDTCnlDCr 

- December 

1982 January 

• February 

• ■ Man* " ' ■ 

April 
May 
June . 

July 

August 


Exports Imports 

£m seasonally adjusted 

47494 44J1T 

no.. 4A087 

n* 1®!$' 

13^58 .13348 

13^79 12^954 

13745 ‘ 13A42 

4^21 : .- <307 

■ na. <784 

<473 <41$ 

<452 . 4,250 

<792 

;. <441 <326 

<247 4^81 

<422 4^45 

- <590 <330 

<498 - • <474 

<595 <709 

<452 <45? 

'<54* <380 

<3t* <423 


Exports Imports 

Volume seasonally adjusted 
1975=100 


Oil balance 
fm 
+273 


Non-ell 

balance 

seasonally 

adjusted 

+912 
na. 
nx 
—208 
-384 
-779 
- 82 
-IUL 

-233 
+128 
-432 
-104 
-301 
-112 
+ 39 
-182 
-428 
-149 
-235 

-521 


By Guy de Jonquieres 

FLANS for an advanced satel- 
lite communications service . 
designed to link business 
users in the U.S. and Britain 
have been approved by the 
American Federal Couummi- 
catfong Commission. 

The service, due to start 
early next year, will be 
operated jointly by British 
Telecom and Satellite Business 
Systems (SBS)-an American 
company owned fay Interna- 
tional * Business Machines. 
Aetna Life and Casualty mid 
Communications Satellite 
(Comsat).. 

The trans-Atlantic Rnk will 
extend -.to companies in 
Britain many of the sexvdes 
which SBS offers customers in 
the UE. These include high- 
speed computer-to-eomputer 
communications and live 
televised conference facilities. 

In the ’ U.&, customers are 
linked directly to SBS satel- 
lites. tlnngh small dish 
aerials installed on their office 
roofs. Bnt users of the trans- 
Atlantic sendee ivfll be con- 
nected fay land line to large 
• 'ground stations. There win 
..-beam '-signals to ^an. Intelsat. _ 
satellite, which is used inter- 
nationally for transatlantic 
communication. 

The service will be the first 
of Its . kind internationally. 
SBS is discussing the possibi- 
lity of links with other 
western European countries. 

British Telecom is talking 
to IBM about launching a 
second, similar, service which 
could link customers In the 
UK, continental Europe and 
the eastern part of North 
America. It wonld be carried 
on Unisat, the planned British 
satellite 

Vaughan scraps 
dormant quango 
for consumers 

By Our Consumer Affairs 
Correspondent .. . 

A CONSUMER quango that 
has lain dormant for five 
years is finally to he scrapped. 
Dr Gerard Vaughan, Minister 
for Consumer Affairs, 
announced yesterday. 

The Consumer Protection 
Advisory Committee is to be 
wound down with the present 
members not reappointed 
when their terms of office 
expire. The committee has 
seven members. 

It was set np under the 
1973 Fair Trading Act to 
consider whether new criminal 
. offences should be created to 
give greater protection to 
. consumers. In addition, other 

issues of consumer Importance 
could be reviewed by the 
committee. 

However, the committees 
terms of reference made it 
difficult for appropriate cases 
to be referred to it Only four 
cases were considered by the 
committee, the last being in 
1977. 


LORD HAILSHAM. the Lord 
Chancellor, yesterday strongly 
supported Sir Geoffrey Howe, 
the Chancellor of the 
Exchequer, in the growing 
Cabinet row over public 
spending. 

Sir Geoffrey’s policies, he 
suggested, formed the best 
basis for winning the next 
general election, which he pre- 
dicted might well take place in 
October 1983. 

Lord Hailsham was speaking 
at a Conservative Party meeting 
in Sir Geoffrey's East Sussex 
constituency. He called on 
party members to devote the* 
next 12 months to preparing 
for a general election. 

Their strategy should be to 
stand by the Chancellor’s policy 
of u good housekeeping and 
living within our means," he 
added. 

; “Until a little before Christ- 
mas last year I thought our 
policies, although correct, were 
pretty unpopular. 

“ But from around Christmas 
last year, I have had the very 
distinct impression that people 
have come to understand what 
we are about, and to see more 
and more that of all the political 
groupings In this country, your. 
-Conservative- -Government and 
the Conservative Party support- 
ing it are the only ones whose 
policies make any kind of sense 
at alj." 

Lord Hailshatn’s comments 
are interpreted widely as a nod 
of approval towards the recent 
Think Tank paper winch has re- 
opened divisions within' the 
Cabinet 

The paper proposes radical 
cuts in public spending by 


hiving off to the private sector 
large areas of the health, social 
services and education services. 
It has been attacked as an 
attempt to dismantle the wel- 
fare state. Several Cabinet 
ministers have made little secret 
of their strong opposition to the 
proposals. 

Two Cabinet ministers 
brought the battle into the 
open earlier this week. Mr 
Leon Britten, the Chief Secre- 
tary to the Treasury, insisted 
that the Think Tank proposals 
had not been fully examined 
and might yet get Cabinet 
endorsement Mr Norman 
Fowler, the Social Services 
Secretary, in a barely dis- 
guised response to Mr Brittan, 
reaffirmed the. Government’s 
commitment to the National 
Health Service. 

Lord Hailsham avoided 
specific references to the Think 
Tank paper, bnt he stressed the 
need to support Sir Geoffrey in 
accepting the financial con- 
straints ,on the Government 

“What is frightening is that 
every pressure brought to hear 
on us by way of criticism from 
the Opposition benches is In 
the direction of spending snore 
-money.- and not less, and most 
of that is In the direction of 
spending more money on 
things which in themselves 
produce nothing, or higher 
wages for no increase in pro- 
duction, or higher social 
service payments,” he said. 

“All the time there is criti- 
cism of cuts. If we were to give 
way, all the good work that we 
have done in the last 12 mouths 
would be swept away.” 


NEC election critical for 
Foot’s hold over Labour 


BY MARGARET VAN HAT7EM 

ELECTIONS next week for the 
national executive' committee 
of the Labour Party could 
determine the chances of Mr 
Michael Foot publicly asserting 
his authority as party leader 
before the next general eleo 
tion. 

Some of Mr Foot's critics 
concede that he has been more 
effective behind the scenes 
than in his more public 
attempts to deal with party 
in-fighting. But the spectacle 
of the parly leader being 
periodically outvoted in the 
NEC has not helped him. 

One of the first big tasks for 
the new NEC will be to deal 
with the Militant Tendency. 
The outgoing committee has 
left the issue unresolved by 
agreeing that an inner core erf 
Militant supporters should be 
disciplined, but refusing to 
define them- and how they 
should he bandied, 

Mr Foot — who has strongly 
attacked the Militants, and 
■recently declared that none of 
their supporters would, be 
acceptable as Labour parlia- 
mentary candidates — will be 
looking for reinforcements. 
However, left-wingers believe 


the moves to discipline the 
Militants are the first step 
towards a drastic purge of the 
left, and are campaigning hard 
against a purge. 

The contest for the one seat 
in the socialist co-operative 
and other organisations section 
will provide an indicator of 
party feeling. Mr John Evans, 
Parliamentary Private Secre- 
tary to Mr Foot and closely 
identified with him, is challeng- 
ing Mr Leslie Huckfield the 
staunchly left-wing MP for 
Nuneaton: who is closely asso- 
ciated with Mr Tony Berm. 
Although Mr Evans is being 
tipped to win, the outcome is 
expected to be close. 1 

ha the seven-seat constituen- 
cies section, the anti -purge fac- 
tion is hoping to replace Mr 
Neil Rfnnock and Mix.* Joan 
Lestor with Miss Audrey Wise 
and Mr Norman Atkinson, a 
former party treasurer. 

. The left appears less optimis- 
tic about . the five-seat women's 
section, where Dame Judith 
Hart, the parly chairperson, 
appears be the only anti- 
purge candidate considered cer- 
tain to be reelected. 


Plan to cut 
real worth 
of benefits 
next year 

By Max Wilkinson, 

Economics Correspondent 

MINISTERS ARE considering a 
plan to increase social security, 
retirement and other benefits 
next year by substantially less 
than the rate of inflation. 

This cut in real terms would 
be to compensate for the fact 
that benefits arc to rise by 
11 per cent in November, 
although the rate of inflation 
by the end of this year is ex- 
pected to be about percent- 
age points less than 11 per cent. 

The 11 per cent rise was 
announced at the time of the 
last Budget when the Treasury 
was predicting that the inflation 
rate would be 9 per cent by the 
end of 1982. The margin of 
2 per cent more than the ex- 
pected Inflation rate was in- 
tended to compensate for the 
previous year, when the increase 
in benefits was less than the 
rate of inflation. 

One plan, which appears to 
have been rejected by the 
Government, would be to with- 
hold part of the 11 per cent 
increase, although it has been 
j announced. 

However, that would raise 
I administrative, as well as poli- 
tical complications. The Govern- 
ment is accepting, therefore, 
that the real value of pensions 
will rise considerably this year. 

The -main option, then, would 
be to claw back some of this 
rise in real value by announcing 
an Increase for November 1983 
which would be two or three 
points fewer than the expected 
rate of inflation. 

The Treasury is expecting an 
inflation rate of about 6± per 
cent by the end of this year, 
and ministers must be hoping 
for a rate of 6 per cent by 
the end of 1983. 

This would imply that retire- 
ment benefits would be in- 
creased by only about 4 per 
cent in November 1983. How- 
ever, the precise figure would 
not be agreed until the time is 
nearer, when ministers should 
have a more accurate forecast 
of inflation for next year. 

Ministers are also considering 
whether to restore -part of the 
5 per cent which they cut from 
unemployment benefit in lieu of 
taxation, which began in Juiy. 


Appeal Court overturns order for disclosure of Trade papers 


BY RAYMOND HUGHES* LAW COURTS CORRESPONDENT 


THE Department of . Trade has 
succeeded; in overturning an 
order that « ' produce for 
infection by a High Court 
judge 100 ministerial working 
papers dealing with the formu- 
lation .of ahverwnent. policy on 
the British Airports Antbority 
(BAA). 

In the most important test of 
a gov ern men t*!, right to keep 
its . deddioiwnakins processes 
confidential ever to come before 
the courts, ^the Count of App«+ 
yesterday accepted the Trade 
Department’s claim that dis- 
closure of "the documents would 
be contrary to puWic iatereriL. 

Because of the public-inte rest 
hi the proper functioning of the 
Civil Service, the executive am 
of government, poucy 

documents' should • be kept 
secret, declared Lord Denning 
hi one of his last judgments 
before Retiring as Master of the. 


Rolls next week. 

In characteristic fashion. 
Lord- Penning introduced a 
controversial note into his' 
judgment The due adminis- 
tration of justice did not neces- 
sarily mean getting to the truth, 
.he said. It simply meant reach- 
ing a just decision in a case. 

Disclosure of the documents 
had been 'sought by TO inter- 
national airlines . which are 
suing the BAA arid the Trade- 
: Secretary over a 35 per cent 
increase, in landing charges at 
Heathrow Airport. 

■ Fart of the airlines’ caw is 
that the. minister acted from an 
improper motive — a concern to 
contain public expendKure~-in 
imposing SUCh a tough financial 
target on the BAA that the 
Authority had to ; make the 
large Increase in its charges. 

Last May, Mr Justice Bingham 
provisionally decided that the 


.ministerial working papers 
should be used as evidence in 
the case. He ordered their pro- 
duction for his. inspection so 
that he could be satisfied his 
derision was correct 

He recognised that “ docu- 
ments as dose as these to the 
inner processes of government” 
had never before been, ordered 
to be disclosed. But, he said, 
production was necessary in the 
interest of justice. 

The court's concern for the 
due administration., of justice 
must ensure the truth was 
elicited, he added. 

He refused to order dis- 
closure of about 150 other docu- 
ments about the BAA, that had 
passed between senior' officials 
of. the Tr easu ry and the Trade 
and Industry departments. 

During the appeal in July, 
the department introduced six 
more documents about the BAA, 


emanating from Cabinet and 
Cabinet committees. 

. The airlines, which had not 
sought production of Cabinet 
papers, protested that they had 
been introduced merely to raise 
the status of the documents in 
dispute. • • 

Lord Denning yesterday 
quoted extensively from a 
statement in which Sir Robert 
Armstrong, the Cabinet Sec- 
retary, argued that disclosure 
of the Cabinet papers would be 
contrary to the public interest 
It was necessary . for the 
proper functioning of govern- 
ment that they be withheld. Sir 
Robert stared. Cabinet confiden- 
tiality might also be prejudiced 
by the disclosure of depart- 
mental and interdepartmental 
documents, he added. 

Lord Denning also referred 
to the court case that led to Ms 
Harriet Hannan, of the National 


Counci! of Civil Liberties, being 
held in contempt of court for 
showing a journalist confidential 
Home Office papers after they 
had been read in open court 

“ That case is a good Illustra- 
tion of the need for keeping 
high level documents secret 
Once they are let out of the 
-hag untold mischief may. be 
done . . . (They) must not be 
let out of the bag at all," said 
Lord. Denning. 

He differed from Mr Justice 
Bingham on the meaning' of 
“the due administration of 
justice" It did sot always mean 
ascertaining the truth. It often 
meant that, . as. a matter of 
jnsice, a party must prove his 
case without any help' from the 
other side’s documents, he said. 

The Trade Department’s rea- 
sons for keeping its. minster’s 
papers secret were dear 'and 
cogent, said Lord Denning; and 


the documents were not neces- 
sary for the due adminlstraton 
of justice. 

If the atlines had sufficient 
evidence to warrant their 
charges against the' Minister they 
were In a strong position. If they 
did not,, they should not be 
allowed to go on 1 " a fishing ex- 
pedition ” among the depart- 
ment's documents In the hope 
of finding evidence. 

"If they have a grievance,' 
but no evidence, they should get 
some MP to raise It in the House 
and move for papers. It is not 
a matter for the Courts of Law,” 
Lord Denning concluded. .. 

Lord Justice. Watkins and 
Lord Justice Fox agreed that 
the department’s appeal should 
be allowed. The airlines were 
given leave to appeal to the 
House of Lords. 


Monitor on 
genetic 
engineering 
to be continued 

By David Frshlock, Science Editor 

BRITAIN will continue to 
monitor genetic engineering for 
any possible health hazards, 
even though expert advisers 
believe the chance of such 
hazards are “far less” than 
expected in the late 1970s. 

The original fears have not 
been substantiated, Sir Keith 
Joseph, Secretary for Science, 
says in the latest report of the 
Genetic Manipulation Advisory 
Group, published yesterday. 

Its studies will continue, “to 
verify that there are no long- 
term health hazards- associated 
with this work.” 

Britain has 103 centres 
participating in research into 
genetic engineering. 

Sir Robert Williams,' former 
director of the Public Health 
Laboratory Service in London, 
is chairman of the committee. 

Genetic engineering is the 
term used for laboratory modifi- 
cations to microbes to adapt 
them more specifically to com- 
mercial ' or medical - purposes, 
such as fermentation of drugs 
r or diemicals. 

Early fears were that new 
kinds of microbe might be 
created accidentally in this way, 
which would prove dangerous 
to man. But in practice such 
organisms have proved too 
short-lived to be dangerous. 

The report notes that it is 
gratifying that the first indus- 
trial use of genetic engineering, 
to make insulin, took place in 
Britain. 

Third Report of the Genetic 
Manipulation Advisory Cora. 
mxttee, Cmnd 8665 , SO M £7.75, 





Financial Times Saturday September, 2 S. 


»:i:K 


- v ; 


THE LIBERALS AT BOURNEMOUTH 




^ Vfl't 


ledge 


Closed shop 
broadside 
from Smith 


Alliance urged to pick up baton of responsible opposition and alternative government ; 

Six-minute ovation emphasises Steel’s ascendancy 





AN ALL-OUT attack on the 
closed shop by Mr Cyril 
Smith* MP for Rochdale and 
the party’s spokesman on 
employment, split the Liberal 
Assembly yesterday. 

Most delegates cheered 
when he declared passion- 
ately: ** i will never support 


Reports from 
John Hunt and 
Ivor Owen 
Pictures by 
Ashley Ashwood 


the LIBERAL LEADER Mr 
David Steel, called on the 
party’s assembly at' Bourne- 
mouth yesterday to dose ranks 
after the divisions caused by 
the surrender of prized constitu- 
encies to the Social Democrats 
and to make the Alliance un- 
beatable at the next general 
election. 

Delegates responded to his 
appeal to show that they had. 
drawn closer together after the 

strains, tensions and tiffs”, 
generated by the row over the 
allocation of seats between the 
Alliance partners with a six- 
minute standing ovation .to 
underline his ascendancy over 
the party. 


the closed shop — never.” He 
unijfn^ that upholding the 
rigut of an individual to 
cnoose whether or not to join 
a trade union most be the 
party's first priority. 

Unis oout of unrestrained 
hard hitting oy jut bmith, 
won him his second ovation of 
the week, jiut his unyielding 
attitude angered leading 
figures in the Association of 
Liberal Trade unionists. 

The . association believes a 
positive move away from 
- union , bashing” would 
improve the prospects for a 
stunning Liberal victory in 
the form coming by -election in 
the Birmingham Northfield 
constituency which includes 
BL's plant at Longbridge. 

An unrepentant Mr smi th 
shouted: “ That’s ' absolute 
rot,” when one delegate 
sought to argue that the post- 
entry closed shop, which does 
not prevent the recruitment 
of non-union labour, should 
be acceptable to the liberal 
Party. 

Despite Mr Smith’s opposi- 
tion, the assembly decided by 
349 votes to 227 to approve 
the agency shop, which 
includes arrangements requir- 
ing non-union members to 
contribute to charity a sum 
equal to the cost of anion 
membership^ 


Dissidents challenged 


Mr Steel faced up squarely 
to his critics by recalling that 
Mr Tony Benn had made a 
direct appeal to Liberals dis- 
illusioned with the Alliance 
“ marriage " to join Labour. 

The Liberal leader chal- 
lenged: “People are free to go 
— are there any takers? ” 

A firm chorus of "No” was 
provided readily enough, but it 
seemed to fall short of the 
strength the platform had been 
hoping for. 

Mr Steel castigated the Con- 
servatives for failing to honour 
their election promises to estab- 
lish a framework for economic 
recovery and condemned the 
intellectual and political col- 
lapse of the Labour Party. 

To cheers he insisted that it 
was now the role of the 


Alliance to “ pick up the baton 
of responsible opposition and of 
credible alternative government 
at the next election.” . 

An Alliance government, be 
said, would start a selective pro- 
gramme of capital spending as a 
first -step and would reactivate 
the economy by cutting away 
the restrictions on competitive- 
ness. 

“We will bring down interest 
rates by operating a competitive . 
exchange rate and joining the 
European Monetary System.” 

Mr Steel acknowledged that 
there- would be no long-term 
benefit to the economy if the 
extra spending merely fuelled 
inflation. A “ sustainable ” in- 
comes policy was the anchor 
which would stop an . invest- 
ment-led recovery drifting into 
the whirpool of inflation. 

Mr Steel claimed that the 
Alliance was a - new force in. 
politics. It had a special appeal' 
to the embittered young,- who, 
through, the record level of un- 
employment brought about by 
Mrs Thatchers .policies, saw 
little prospect of a decent life. 

He appealed: “Come and 
join us. You need us to end 
the drift and shatter the com- 
placency of the. old politics -and 
we need you to help us do it.” 

Mr Steel declared that if the 
present Government was not 
prepared to change the. policies 
which had brought ruin to so 
much of British industry it 
should get ouL “ We are ready 
to govern,” he declared to the 
delighted cheers of his suppor- 
ters. 



David Steel: ‘ We are ready to govern-* 


MR STEEL was at his most 
aggressive. . when he attacked 
Mis Thatcher, for seeking - to 
make political capita 1 out of the 
surge of patriotism which 
marked the recapture of the 
Falkland Islands. 


The Prime Minister, be said, 
had presided over a shambles 
of incompetence tn : her conduct 
of foreign policy and defence. 


“Yet she has set .out, quite 
deliberately, to cover up her 
admini strati on’s nakedness by 
wrapping herself in theFalkr 
lands bunting, by belligerence 
of language, by a . simplistic 
invocation of the Falklands 
spirit , in the totally different 
sphere of industrial relations 
and. by a wish to turn a service 
of remembrance into a 


'■glorification of war” 

Two other members of the 
Cabinet, Mr Norman Fowler, 
the Social Services Secretary, 
and Mr Norman Tchbit,- the 
Employment Secretary, were 
also singled, out fo$ Searing 
attacks by Mr SteeL. 

He reminded the assembly 
that the Conservative election 
manifesto had referred to a 
“crisis of morale” in the 
National Health Service. “So 
what have they done to improve 
morale in the service? They 
' have threatened to abolish it” 

Air Fowler had been put in 
charge of the health service and 
Mr Tebbit in charge of the un- 
employed. “So you have the 
two boot boys of British 
politics kicking in the windows 
of the welfare state.” 

Mr Steel asked what had 
happened to those Conserva- 
tives who believed in the 
tradition of “ one' nation " 
which had been upheld by Rab 
Butler, lain Macleod and 
Edward Boyle. 

To further cheers be asked: 
“How have the decent. Tpries 
allowed their party to be hi- 
jacked by the heavy squad? 
How long will they put up with 
the unacceptable face of 
. conservatism?” 

Mr ' Steel maintained that 
because the Government had 
broken faith with the electorate 
it had forfeited any moral claim 
to the allegiance of the people. 

If the Alliance was to provide 
new hope it must restore faith 
in the capacity of the demo- 
cratic political process. “.Our 


Alliance . must provide ■ new 
leadership and fresh integrity- 

The first task must be to put 
the nation back to work and this 
was the objective of. the imagina- 
tive joint Liberal-SDP pro- 
gramme which the assembly 
had approved earlier in the 
week. 

Mr Steel claimed that- this 
signalled return to - the 
economics of commonsense and 
an end to the nonsense of pay- 
ing people not to work when 
there was so much work to do. 

Mr Steel looked to an 
Alliance government to create a 
national sense of partnership 
which was not just a pious hope 
or a management technique. 



Russell Johnston; cast -fa. 
Scottish priority : . 


MPs clasJjt 
on home 


Based on sharing 


Partnership, he said, was the 
moral basis of a liberal society. 
“ Free people sharing adversity 
when it is necessary, sharing 
the rewards of their labour and 
sharing decisions. - 
“ That is why we shall change 
company law to turn the timiled 
concept of companies owned by 
capital alone into living organi- 
sations which ' represent a 
genuine community of interest 
of all who contribute to them.” 
' Mr Steel reaffirmed the “ total 
commitment " .of an Alliance 
government to the introduction 
of -proportional representation. 
“ 1 do not want anyone to under- 
rate our seriousness. Make.no 
mistake, the Alliance wilt not 
compromise on this funda- 
mental democratic reform.” 


rule vote 


Anti-drink forces muster as weaker delegates hurry to the bar 


HOW WILL the leadership deal. SDFs Gang of Fouri'WHl the 
with the tightly-knit group' of claret cup he dashed from, the 


fanatics 


Ups of Roy Jenkins even before 


burrowing away in the entrails' be has a chance to be chosen 
of the party? Will it prove as Prime Minister-designate to 


On the surface the wording was 
innocuous enough, calling for 
an increase in funds for pre- 
ventive education .and treatment 
of chronic alcoholism.' 


possible to unseat parliamentary^ lead. Alliance into the next 
candidates who secretly espouse general' election? 


this subversive cause? 


We refer of course to the .realised* this fervent crusade 
Temperance Tendency, a.dedi-' could even .be turned into, a 


Massacre condemned 


AN EMERGENCY resolution 
condemning the massacre of 
Palestinian civilians in 
Beirut was approved by the 
assembly. 

Lord Hooson called for 
those responsible to be 
brought to trial and suggested 
the appointment of an inter- 
national commission of jurists 
to establish the facts. 


cated body which Is rap idly witchhunt, against the sup- 
infiltrating the Liberal Party . porters of proportional; repre- 


CONFERENCE 

SKETCH 


and is working tirelessly to take sen ration r yrho are led by an 


over the commanding heights of organisation with the -unfortun- 

an:.. s*i. . .. v . #▼ ■ « t 


the Alliance with the SDP. 


ate name of Lager (Liberal 


The implications of this Action Group for Electoral 
sinister movement obviously go Reform). 


far beyond the simple question-' 
of booze and anti-booze. 


The aati-drink. brigade .haa 
its high moment ait the Liberal 


Surely it is not without signi- Assembly yesterday with the 


ficance that one of their leading 
sympathisers is Dr David Owen, 


passing of a resolution demand- 
ing Government action,, to deal 


the stern-vis aged member of the .' with the problems, of alcoholism. 


But there was a suggestive 
paragraph wanting unspecified 
■“ cb-ordinated - .Government 
•action ” to combat^ alcoholism 
- and ■ seeking . the-- establishment 
of permanent Whitehall mach- 
inery which would embrace the 
Treasury and the jiJome Office. 
To the suspiciously ipihded this 


held, out the clear implication 
of higher duty on drink and 
punitive laws to curtail iL 

Apparently there is, at this 
moment, a secret report on the 
subject in the hands of the 
Government’s Think Tank. 3± is 
based largely on the researches 
of yet another of those gloomy 
foreign. professors*. in this case 
Prof Eettil Broun of the 
Sodologika Institution of Stock- 
holm. 

In . fairness it should be 
pointed out that the assembly 
voted against a move to ban 
several forms of advertisement 
for. alcohol. It was also notice- 
able that, as the debate began, 
half the delegates rushed for 
the exits, many of them ending 
up in the Pavilion Bar, where 
the dreaded words Trophy, 


Tankard, . . Madceson and 
Heinekcn blazed out in big 
multi-coloured lights. 

Thus, fortified, they gathered 
again after lunch, only too eager 
to be roused by David Steel 
giving his wind-up speech of 
the week. The Liberals must 
be unique m awarding then: 
leader a standing ovation even 
before he has opened his inouth. 

In this case, it was probably 
deserved. If was a carefully 
controlled performance start- 
ing with a few throwaway jokes 
and leading on to a brief pas- 
sage in which he di smiss ed the 
pretensions of the Labour Party 
to -be considered the natural 
Opposition. " 

• But the main of his invective 
was aimed at Mrs Thatcher and 
her “threadbare, .deceitful 


administration." There was re* 
peated, gleeful applause as he 
read out a list of ministerial 
quotations over the past 18 
months predicting that economic 
recovery was a bow to begin. 

Excited by the unaccustomed 
prospect of real political power, 
delegates finally poured out of 
the haU only too eager to obey 
their leader’s call to “ carry the 
message into every city, every 
town and every village/’ - 
- Some could be forgiven for 
believing that they were setting 
■off for the land of Tir Nan Og, 
so eloquently described earlier 
in the devolution debate, the 
legendary Gaelic Isles where 
there is eternal sunshine and all 
one’s dreams come true. 


THE ASSEMBLY voted over, 
whelmingly for home rule ter 
Scotland, although the call pfe. 
yoked conflict between a Wriafa , 

MP. and. a Scottish one.;.. _ . • . . •* 

It was unthinkable . thitt,' 

Liberals should be looking fa 
devolution for Scotiaftd as * 
priority without any raendoa 
of Wales or regions of Eeghad 
which wanted devolved .power, 

Mr Geraint Howells, MP fa. . ^ 

Cardigan, said. 

“If we arc to achieve derate*-' 
lion we must not make the am 
mistake as last time by risgUog 
out certain parts of the DK fa 
unequal treatment.” . 

Mr Russell Johnston, Mea? 
of the Scottish Liberals and MP 
for Inverness, defended the call 
for a Scottish parliament aleqa, - 
• Little political reality Is that 1 " 

the pressure for such govern- 
ment has been expressed for far " - 

longer and with wider support 
in Scotland than in any other: 
part of the UK” he said* 

People in Scotland should not -urut mHTft 
be denied home rule any longer. * 


John Hunt 


Campaign against 
alcoholism urged 

MPs should be “ detoxified ” jn 
part of a campaign to combat 
alcoholism, the assembly wu 
told yesterday. 

The call came from Ur George 
Ferguson, Liberal prospective 
parliamentary candidate ' for 
Bristol Westh, who said it was- 
“scandalous” that more than 10 
per cent of MPs had a vested 
Interest in the sale of alcohol 

Speaking during a debate on 
alcoholism, Mr Ferguson, 
claimed that 10 Government 
Ministers had a vested interest 
in alcohol before taking office. 


UK NEWS - LABOUR 


Engineering workers 
reject 3.6% wage 
offer by employers 


Stoppage 
hits social 


Ford unions seek quick settlement on pay 


BY BRIAN GROOM, LABOUR 


security 

payments 


BY IVO DAWNAY, LABOUR STAFF 


LEADERS of 1.5m engineering 
workers yesterday threw out a 
3.6 per cent pay offer and told 
employers to think again. 

Speaking after a 90-minute 
meeting at the London head- 
quarters of the Engineering 
Employers’ Federation (EEF), 
Mr Terry Duffy, president of 
the Amalgamated Union of 
Engineering Workers, and the 
chief union negotiator, dis- 
missed the offer as ** extremely 
disappointing.” 

He insisted that the 17- 
member Confederation of Ship- 
building and Engineering 
Unions was seeking a settle- 
ment which would at least keep 
pace with the rise in the cost 
of living, although he accepted 
that the industry was in 
“ parlous state." “ We would 
accept a settlement In line with 
the retail price index, but the 
employers' offer is only 50 per 
cent of the current RPI,” he 
said. 

Both sides are to resume talks 
on October 25 after the federa- 
tion has consulted farther with 
its 6,000 member companies. 
The offer is likely to be margin- 
ally increased, but many em- 
ployers have warned that sub- 


stantially higher pay rises would 
force closures. 

Settlement of national mini- 
mum rates for the engineering 
industry is normally followed 
by bargaining at company leveL 
However, many companies have 
told their employees this year 
that topping-up might not be 
possible. 

Dr James McFarlane, the 
EEF director-general, warned 
the unions that the present re- 
cession constituted "the most 
dangerous period we have ever 
lived through. We cannot say 
the rot has stopped. Paramount 
In our minds is to find a way in 
this very difficult period to 
avoid further factory closures 
and redundancies.” 

Under the 3.6 per cent offer, 
minimum weekly pay rates for 
skilled workers would rise by £3 
to £86. 

The employers rejected a 
union call for unskilled workers 
to get 80 per cent of the stalled 
workers' rate, instead of the 72 
per cent. The EEF also threw 
out a demand for a reduction 
in the maximum overtime 
allowed in any four-week period 
from 26 hours to 10 hours a 
week. 


UNIT TRUST OFFERS 

PAGE 

Save and Prosper 

1 

HK Unit Trust Managers limited 

■ ; 5 - . 

Chieftain Trust Managers limited 

6 


financial Times Reporter 

STATE BENEFIT payments to 
hundreds of people were hit 
yesterday -when nearly 1,000 
civil servants staged a -one-day 
strike. 

The stoppage affected at 
least 23 social security offices 
throughout the Midlands. All 
11 offices in Birmingham were 
closed, as were others, as far 
apart as Hereford and Burton 
Upon Trent. 

Most of the strikers -were 
counter staff belonging- to the 
Civil and Public Services 
Association and the Society of 
Civil and Public Servants. 

. They were supporting 164 
colleagues at Erdington, Bir- 
mingham, who have been on 
strike for more than a week 
in an attempt to force manage- 
ment to recruit more staff. 

They claim the payments 
system is on the verge of col- 
lapse because of the pressure 
of work. 

Talks between officials from 
the Department of Health and 
Social Security and the two 
unions in London failed to 
Teach an agreement yesterday. 

The DHSS employs about 
5,500 people at 38 benefit 
offices in the Midlands. Only 
four were known to be open 
yesterday at Telford, Lichfield, 
and two in. Stoke-on-Trent 


PAY FOR Ford's 50,000 manual 
workers may run into trouble if 
a deal Is Aof. reached by the 
settlement date of November 24, 
union readers warned . yester- 
day. 

They were presenting a claim 
for- across-the-board rises of £20 
a week on basic rates; consoli- 
dation. of attendance supple- 
ments; further progress toward 
a 3&hour week; and improved 
pension and sickness benefits. 

The £20 would .on its own 
add between' 16.3 and 20.9 per 
cent to basic rates, but that does 
not represent the total value of 
the rlatm. 

Ford talks are no longer quite 
the ' private-sector pacesetter 
ttiqy once were when the settle^ 
ment date was October, bdt'are 


* still one of the key groups in 
the pay round. 

A national strike was threat- 
ened last year before agreement 
was reached on 7.4 per cent 
rises, 'a 39-hour week and a 
package of efficiency measures. 

Mr Ron Todd, national organ- 
iser of the Transport and Gen- 
eral Workers' Union, said many 
workers were unhappy with last 
year’s deal and he did not want 
talks to “ drag on” again be- 
yond November 24. 

“It may well be -that, if not 
.this' year then certainly next, 
we wfll consider the anniversary 
date -a- contractual date,. -and if 
an agreed outcome ' to our dis- 
cussions is not concluded by 
then, our members ~wlll feel that 
.they have had fheir contracts - 


of employment terminated,” he 
told the company. 

The unions forecast a pre-tax 
profit for 1982 of £218m, virtu- 
ally the same as 1981. The £20 
pay rise Is aimed at restoring 
purchasing power to' 1979 levels. 

Mr' Todd said: “If the com- 
pany wants the confidence of 
the work force, it.has to respond 
reasonably to our claim. There 
is. no real doubt of the com- 
pany’s ability to accord with 
what are relatively modest de- 
mands.” 

He expected the company to 
emphasise the gloomy economic 
recession, but the- workers had 
also- suffered. Ford is due to 
reply to the claim on October 
29. ' ■■ ; - ' 

Mr-' Tpdd - emphasised .the 


woikers’. contribution to im- 
provements in efficiency, includ- 
ing' introduction of robots at 
Dagenham to produce the 
Sierra, the Cortina replacement. 

Ford’s hourly-paid UK work- 
force has been cut by about. 
4,000 in the. past year. 

Basic weekly rates range 
from £95.47 to £122.69, hut these 
make up only about three- 
quarters of total eamingSr 
• Most workers are on alternat- 
ing.. day and night shifts, which 
pushes- the rate up to between 
£11L38 . .and £14344. The 
majority are in grades giving 
£12L94and£127B4. . . 

In addition, there are supple- 
mentary payments of £5.93 to' 
£7.65 for employees ■ who work 
all standard hours. 


Coal Board 
chief says 8.2% 
offer is final 

financial . Time* Reporter 


Nurses to meet DHSS 
for more talks on Monday 


BY IVO DAWNAY AND DAVID GOOOHART 


Post. Office sorters 
strike in Kettering 

ABOUT 80 Post Office sorters 
at Kettering, Northants, came 
our on strike yesterday, bring- 
ing all deliveries and collections 
to a halt 

They are protesting at the' 
suspension of 20 colleagues for 
refusing to deliver telephone 
dialling code books -without 
extra payment. The dispute has 
also hit deliveries to Corby. 

Talks between unions and 
management will continue 
today. 



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Today's Rates 11%-12% 


THE CHAIRMAN of the 
National Coal Board, Mr 
Norman Siddall, yesterday 
gave a clear message to 
miners’ onion leaders that no 
more money ' is available to 
improve its 8-2 per .-cent pay. 
offer. 

Mr Siddall, speaking at the 
official opening of - a £20m 
drift mine at Treeton, near 
Rotherham; South Yorkshire, 
said: “There is definitely no 
more money. My problem is 
finding the money to pay for 
what we have already 
offered.” 

- 71116 offer ; Wa& - one' . .which 
.“ obviously - would, be more 
than the rale of inflation for 
next year,” and was “ as much 
as we could squeeze out of 
the system." 

Mr Siddall predicted serious 
- difficulties if— a~ .strike took 
place and said the Coal Board 
was already malting prepara- 
tions for industrial action. 

"We would be foolish not 
to. It would be foolish to 
Ignore that the possibility was 
there, but we are still a tong 
way off the ballot day ”■ he 
said. '■ 

Coal stocks stand at :a 'mas- 
sive 48m tonnes, including 
26m . tonnes ; at firs-, power 
stations . 

- The National Union of 
Mttneworkers wants £27 a 
week more— 31 per cent— on 
the lowest rates. Its execu- 
tive will recommend a dele- 
gate, meeting on October 4 to' 

ballot nearly 200,000 members 

on Industrial action and will 
call for an immediate over- 
time ban. The secret pithead 
ballot will be on October 28* 


TALKS between- the profes- 
sional nursing bodies rapd 
Department of 1 Health and 
Social Security 1 officials con- 
tinued yesterday with no sign 
of a breakthrough In the pay 
dispute. 

A statement from . : the 
1.95,000-strong Royal College of 
Nursing said 1 ' discussions were 
" still at • the exploratory 
stage.'" Leaders of the other 
professional nursing bodies . — 
the Royal College of Midwives, 
the Health Visitors’ Association 
and the ASstkdatiort; of Nurse 
Administrators — refused to 
comment on the talks. 

The EVA'* metis today to 
review-, its position, on the .dis- 
pute, particularly in relation to 
the decision by: Mr * Norman 
Fowler, the Social Services 
Secretary, to pat back the 
implementation of a long-term 
package for assessing nurses’ 
pay from April next year, lo 
April 1984. ... ... 

The. Association. 1 was . the 
only TUC-affi listed union to 
accept the 73 per cent offer. 
However; the new r proposals 
offering either- 4 or 5-pef- cent 
'from ‘January 198S^-may force 
'the HVA to -reconsider.' its 
acceptance ■■ .because . of .'-the 
delay in the fotroductionrcf the 
new. formula.' •: 

■ Further talks- between the 
nursing bodies and the. DHSS 
are expected to resume, on Mon- 
day. • . 

General secretaries of fixe 
TUC Health Service muons are 
to' meet ' Mr -Len Murray, the 
TUC general secretary 1 , on 
Tuesday at the LabOhr ’Party 
Conference in ‘Blackpool The 
talks will centre on* plans , to 
co-ordinate sympathetic action 


Council staff 
expect offer 
to increase 


by non-NHS workers, for the 
new. programme, of regional 
days of action. 

Mrs Margaret Thatcher,- the 
Prime Minister, told a Press 
conference in Peking yesterday 
chat -further strikes would not 
force higher pay for-, health 


Mr Norman Fowler, the 
Social . Services Secretary, 
said in a statement last night 
that since the dispute, began 
' 100,000 ' outpatient appoint- 
ments and 110*000 operations 
have been cancelled while 
waiting lists have Increased 
by. 115*000. -i v- ■ 


workers. . She -said that most of , 
the action. last Wednesday, was 
concentrated, in " militant indus- 
trial areas:” \ . ._ . 

Further repercussions from 
the day of action, were -felt by 
the Glasgow Herald' yesterday; 
The. Herald was not published 
because 17 Sogat ’82- machine 
room assistants objected to not 
being -paid on. time after strike 
action on Wednesday by other 
Sogat members in the wages 
department . • 

Sunday newspapers are ex- 
pected to lose millions of 
pounds 'in advertising .'this 
weekend* as print workers 
refuse. to increase productivity 
to- compensate for lost output 
The 96 workers at Camelot 
Press in Southampton, who were 
sacked for taking part hi the 
day "of action, -have all been 
reinstated and the management 
has’ now been dismissed follow- 
ing a takeover of Camelot by an 
ds/ yet unnamed group of 
companies. 


By> David Goodhart, Labour Staff 

YESTERDAYS pay arbitration 
hearing for 540,000 local 
authority white-collar staff is 
expected to increase marginally 
the employers’ offer at 5J2S per 
cent. The outcome, which is 
binding. on both sides, will be 
known in three weeks. 

The employers’ offer adds 5 
per cent to basic salaries, which 
now range from £2,691 to 
£13,884 a year. The 0.25 per 
cent is made up of a one-hour 
cut in the working week for 
45*000 . staff on a 40-hour week 
and simplificatkm'^f 'tbe salary 
structure. 

The National and ' Local 
Government Officers Associa- 
tion, which represents, most of 
the- workers, has claimed a '9 
per. cent rise and a 35-hour 
week for all staff. ' It also 
objects to management plans to 
introduce a new. bottom scale 
with a pay amriimiwi of £4,260 
(Indudfog; the 5 per cent rise). 

The employers say the pre- 
sent bottom scale with its maxi- 
mam of £4,464 (before any rise) 
is. above -that necessary to- re- 
cruit and retain staff. They also 
say it is essential to keep 
national pay. increases to a 
.minimum, so as to give local. 

, authorities -maximum discretion 
and- flexibility- A spokesman 
said etep. rife 5-2 j>er cent.would 
cause .problems for some coun- 


Fay rises. M. 6- per cent for 
teachers and&S to .7*8 per cent 
for local. authority manual wor- 
kers. have toade it likely that 
the .after will be slightly ' in- 
creased. 


By Jolm Uoyd, Labour editor 
A ' SHARP DIVISION has 
emerged in the Transport and 
General Workers’ Union over 
its position on the Labour 
Partly 1 * proposed register of 
proscribed groups. 

This has appeared after a 
number of other big unions had 
agreed to support a motion 
from the white-collar union 
Apex, calling on the Labour 
Party executive to enforce rules 
prohibiting organised groups. 

Earlier tins week, the union’s 
general executive council 
voted by 18-16 to recommend 
that its delegation oppose the 
register. However, Mr Hess 
Evans; the union’s general 
secretary, said yesterday that 
both he and Mr Alex KUson,- 
the union’s deputy general 
secretary, had spoken strongly 
in favour of the register, and 
would do so again tomorrow 
when their delegation meets Iff 
Blackpool on the eve of the 
Labour conference. • 

Mr Evans said no- one OBJfoe- 
council favoured the Militant 
Tendency, .but the : majority, 
believed . that clause two of 
Labour’s - constitution- — winch 
bans organised groups within 
the party — was sufficient to 
maintain party discipline if the 
executive. wished to impose it. 

The Apex resolution also- 
stresses that, the executive has. 
the obligation, under clause 
nine .of the. .constitution, to 
enforce the party rules. How- 
ever, it goos- tm to call fo* 
support for the . executive’s^ 

report, which includes: the 

proposal for foe register. ' 

A vote -by the' TGWU against' 
the register would be uoUkriy 
to . .defeat the proposal, since 
most unions are likely to line 
up behind Mr Foot on foe Issue. 
Howefvay it. would wBufofoa* 
the vote wfa'.embwrasdngl? . 
dose. ' V" 

Mr .'Evans also $asd that the 
union's long-term plan wan to 
more then double its memhe*;. 
stop from the present libh to 
4m over .the nest, 10 yearebx a 
mixture of mergers -and growth 
after foe recession ends. He 
said growth alone could kwreaff . 
the union's size to 3m. . 

Senior union .offiriads - • 
regional chnkmen and seat- 
tarws. are, to meet in Nowinw*'; 
to plan the union’s argamsanoo ; 
and merger, strategy , vv. 

Mr Evans said that talks .were 
wall advanced with foe .60,0Qfr. 
strong . Sheetmetri Worwnc 
















s in 

irive 






. " ■ '*> 
M<v ’ 

... -a *b 

• ...n 

'• ih, .. 

>i'i 


r *oosf 

defid 


lo $ 


The day of _ inaction . cftoto' 
early- for' the -'London market; - 
with trading on Monday bring- 
at Hie lowest leyri.oh the first, 
day flew account f ot a- 
long • tbnri - Attention 1 was very 
much taken by gilts whieh, <$& 
continued^'interest. ‘ rate , cat 
hopes .^oiLvbofk sides of 
Atlantic,' admsced-briskly, They’ 
finished— measured hr t ae"E9T ; 
Government- Securities- index- 
up L27 at 7&80; . 

Equities v set v to be' 

similarly. inflnoneed wh^n Wall 
Street - suddenly went ..; into* 
reverse; add s&ares be^uii to 
retreat after VlWjpan in :tbe 
FT SOtfbare index, over Tuesday - 
and' Wednesday, v :; 

■It took happier sounds from 1 , 
the Treasury about meeting Its 
spending' target nest .year— - 
because. -of -a. -lower rate - of 
Inflation' thai expected-rto jerk . 
equities 'ahead ' again. The . 
index ended, 'tee -.week 17.0 up - 
at 581.6. . ' 

In a week, short on bid 
news fJie no-totoger-so-wonderful 
stores group- F.W. Wool wort h- 
hpd everybody wondering with 
whom it was hi talks. But. for 
anyone wanting 'real bombshells _ 
« there is the last-grcwing U.S. 
electronics,' systems company 
active in warfare' and comm um- 
catious equipment businesses^ 
International Signal & Control '., 
which Is to seek' a fufl London: 
listingr 

Meanwhile Standard Chartered 
Bank was _ busy releasing, a 
£100m bond issue, tobecome the ! 
third UK banking group . and - 
fifth domestic . company this 
year .to join to; the recharged . 
Lopdon bond market • ■ 


action 


Mommy Awwagw 


LONDON 

omooKHt 


Tarmac stronger 

Tarmac's steadv withdrawal 
from risky overseas construction 
contracts has been combined 
with stronger management of 
its UK activities' which' is con- 
tinuing to show Hym nph ' in 
results. After last year’s 19 per 


„ cent- rise in proto profits,- 90s 
. even larger. 42 percent increase 
; to . fSOm was reqtetered . for 
the half year to,. June, despite 
the flat; market conditions ' / 

- The main coratritratinn to the 
profits jump has come from the' 
aggregates -businesi.;- where 
xestflts- were boosted by the 
inclusion ! of. '.thfe recently- 
acquired Hoyeringham' gravels. 
Tarmac has .taken a nrthlese 
approach to ctwt" prtming to 
Efoveringham, " cflbsing ,T some 
offices, integrating tfife crinpany 
intolls own business^ «Bq 4 -turn- 
ing it into profits .through a 
comMnatibn: of lower'cdets «iid 
; better . marketing. ■- . ; 

■ Elsewhere on the trading 
side, progress has bean harder 
to achieve’, although volume 

- was ahead to the bousing - divi- 
sion. and both the property sod 
industrial businesses improved 

. their performance. 

' - The main disappointment in 
the first half came . from the 
build mg products side, where 
the stronger dollar put: up- feed 
. stock prices for. the refineries. 
Ev en so j this division fe steadily 
creating strategic positions in. 
several key manufacturing 
areas- for- the bonding industry 
through a series of acouiintions. 
wtriefi sbouM pay - off in the 
future. So wbHe Tarmac is 
.unlikely to 'show, the same per- 
centage., increase to profits hr 
the second six months, it looks 
set .to make around £65m for 
the year,; .'where fit is on a 
multiple of - around 15 times 
earnings on. a full tax charge.'. 

Dunlop's deflate? •=■ 

- How different Dunlop looks 
from just rix months ago. When 


' the group puhlisbed its falliWl 
figures last .March it seemed as 
if the five year race -against' 
time \o tinh round the Entopean 
tyre operations before tee 
balance' sheet ennobled had 
Hen won. Second haif . profits 
were £l9m leaving tee group at 
*. breakeven .fbr the yeac/Tbe, 
’■ market started to thinfedn tetntt 

- of -£25m to £30m for 1882 and 
its confidence was cemented by 
a rela lively baillte~stateinent at 
June’s annual meeting; ^ 

Yet this week’s interim state- 

- meat gave cause for disappoint' 
ment The bare half time figures 
looked reasonable, with profits 
before higher ftn^wintr chargee 
£14m ahead at £33m while the' 
pre-tax line showed a £4m profit 
against .u £3m loss. Ho w e ver the 
chairman’s remarks about cur- 
rent trading -made .it pateftfDy 
dear. that the uplift had been 

. short lived. Conditions ' to the 
UK and EEC are described as 
•having "worsened markedly”, 
and elsewhere, particularly in 
Australia and South Africa. 
Dunlop's businesses are 
“tocreastogay experiencing tfto- 
effects of the recession.” . . 

The warning is perhaps no 
worse than tee cautions words ' 
from GKN and .Vickers over the 
past couple of -weeks but Dun- 
lop’s financial portion Is pot 
one that can eas3y,^cope- with 
. a prolonged battertogL After all. 
-therg may have .been , a small ' 
ore-tax profit In the half-year 
but down at the attributable 
line retained'' losses have 
chipped 1 another £22m off 
reserves.. : 

Not that it is total gloom. 
Dunlop’s balance sheet has. 
looked a lor worse tean it does 
now and tee group has not yet 
run out of efthw-.ftNim- 

However; with' such a dull 
trading outlook casting -■ a 
. shadow over tee balance sheet, 


MARKET HIGHUGHTS OF THE WEEK 


F.T. Govt- llnfox , '[ 

F.T. Ind. Ord. index 
FjT. Gold Mines Index 
APV " “ ' 

BPS , , - , - 

Barratt Pevelop imnfar 
British Home Stores ,’ 

DRG ■ 

Dunbar Group ■ , - - 
Exco International ... - 
Grihdlayi ■ ' 

MaWevate - 
Menries (John) 

MIxcon cr ete 

. Poriy-Redc, -, -. 

Sirdar 

SketcMey • • ' ' ' ' 
Stewart Wrigfason 
Tarmac - ’ - -• 

Woolworth (F.'W-) :' ' 

; t On suspension price. 


Change 
on week 

.--KU7. 

_+)7.» 

+ 7 S 
-25 . 

: +38 ' r ' 
+42 . 
+72 . 
+12 - 
■ +140t 
+23 . ' 
+24 
+42 
+2S - 

+15 ; 

+». 

"• —IT - 
+» 
+17 


Demand picks up on kiter fe t T iitte 
optimism and Wall Street trends" 
Johannesburg buying . . 

Interim resuta disappoint'- - 

Int. rate hopes 

Good annual resuits . 

' Strong sector /irrt- next month. 

Interim results ' 

Agreed. Hambro Ltfe bid 
Telerate profits forecast - 
. Revised takeover .speculation ' 
Specatathre •'buying 

Interim results. 

v. Fng, Qiin^Clays counters trfd.-, 

•' Speculative demand •' ' -• 

Demand after results ' 

• Pry-deanei* in demand 

•" Interim resrihs disappoint 
Revived int. rate optimism 
. Takeover hopes ; - 


Hope over experience 


ITS SURPRISING, when' you- 
think about it, that so many 
leading mining -issues are stand- 
ing au or not -too far from, their : 
highest prices this year At a. 
time when the Industry is going 
through its worst crisis ever' ' 
with little sif» of any relief in 
sight It must be a triumph of 
hope over experience. - ' . 

Among Australians, the loss- 
making CRA and MTM BoUtiugs 
show up particularly . .well, 

1 Vest era Mining seems aloof to 
cries - of u over-priced !* and 
even the hapless SeUrast Hold- 
Ipga. stands at-nearly double the 
low of 30p reached earlier this 
year. 


a change in Parliament.” he 
said.' He toHL me that Western 
Mining and its partner British 
Petroleum were quite happy 
about Olympic Dam.' which is 
as itrirould.be bearing in imhd 
the huge earnings potential of 
the big discovery. .. 

In the UK, the price of Rio 
Tteto-Ztne Is making up lost 
ground. Buyers are expecting 


MINING 


KENNEm-MAASTON 


’ Holders of such issues dearly 
take the view* that when the 
market tor their products takes 
a turn for the better it will do 
so rapidly aiid there is little 
point in selling good class stock 
in the meantime— rwhen invest- 
ment opportunities . elsewhere 
are pretty limited-sand . rhfle 
missing the boat when the 
market recovefs. ' ir - 

Turn, it will because mining 
iff a. ' .cyclical -business; ' The 
question is -when? Sir -Arvi 
Rurbo, . chairman s of 'Western 
' mining, can- sec no earty. im- 
provement,, but in London ibis 
week he did offer patient share- 
holders some encouragement to 
other respects. ;/ - 

Firstly, he-, pointed, .out ted; 
nt last a sense of economic, 
■aalisin w beginning to emerge' 
tn Australia where many people 
have not been dlrectly affected 
so 'far hr. the world / economic 
downturn. - But the efforts of . 
the - disastrous- drou^rt in tee 
eastern states coupled' with tire 
slump" in mineral markets is 
now brining Tthemeasage home.' 

Thus he pointed to signs of' 
a - long -awaited- moderation in 
demands bv the mining labour 
imiorra white have been seek- 
ing not only substantial wage 
Increases but also a shorter, 
working week at a time, when 
company' eantings have been 
wihing and tesappearing into 
losses. 

.Secondly; ho -look the view 
that tee strong objections to 
the srartnig im ot new uranium 
mines by.the Unlons and. the 
opposition AuriraUen _ Labor: 
Party. werc ; not so wortytogr as 
mighr seem 40 a holder of 
Western -Ifinton with its *ww 
Yedlrrie uranium Brine , and-, 
the exciting Olymjric Dam . 
c opper-u ran iuih-gol d prospect; , 

^*1 don’t tMnk teat there .to 
going to be' i any : effect on. 
urardum -mining fts -a result of 


that the group's second half 
results will be so worse than 
those recently reported for the 
, first half and could wen show 
some improvement. 

South Africa’s De Beers is 
. acting similarly with somebody, 
somewhere, picking up -sizable 
parcels of stock. But whatever . 
the reason for tee mysterious 
buying, it seems. hanHy likely 
to be based, on any anticipation, 
of better second half results. •• 

; Of the Republic's mitring 
finance houses. ' Johannesburg 
Consolidated, Anglo American 
Corporation and General Min- 
ing Union Corporation ' make a 
creditable & owing in tee price 
tables. A major reason fbr this, 
of course, is the strength of 
their sold share interests, our 
Gold Mines index now. standing 
' within touching distance of the 
year’s high. 

Stockbrokers Strauss TtrrnlraB 
have just produced “ Gold lO" 
their latest • comprteenrive 
review ..of' ^^goM and Sooth 
Africa n gcrid shares wtrite rates 
highly as a test book for the 
.investor. Authors D Fred Col- 
; lander and MrDavW DFummond 
present their arguments to sap- 
port -.the : view that the bear 
market in grid has ended. 

Cantlwtufly; - however, they 
point - out' that the' bullion 
market • is riflU -volatile. They 
take the view that: “Over the 
/short tenn the price could rise 
to the $500 igvei, with a tradi- 
tional adverse reaction to roid- 
lato Octbbm-.. We teenjbelieve 
the markets (gold end gold 
sharesl.wiH move firmly ahead 
again during Decemben-March. 
and wo Join tee ranks of tee 
more optimistic. 

1 u .VRs sew believe that under 
the. current monetary cloud; 
evrayone should have some 
Krugerrands tucked away. 
some gold shares to tee vaults. - ' 


Shares of the better quality 
medium grade mines are pre- 
ferred. They include Vaal 
. Beefs, Western Deep, President 
Sleyn, Buff«fefonteto Harte- 
beestfontein Randfonteto and 
Koof. 

Mr Robin Plumbridge has 
-also had; something to say 
about monetary clouds to the 
annual report this week of Gold 
' JFIelds of South Africa. “The 
potential for major bankrupt- 
cies is .very real and, should 
economic conditions deteriorate; 

■ Investment in. gold as the ulti- 
mate means of preserving assets 
could be substantially stimu- 
lated.” 

: GFSA mines produced 21- per 
cent of South Africa’s gold -in 
the group's financial year to 
June 30. receiving ail average 
price of B12J281 per kOo-' 
gramme. Mr Plumbndge says 
that if tee price is maintained 
at this level in the current year. 
— it is currently around 
R1 6,240 — the 500 cents (254p) 
dividend rate should be main- 
tained. . . 

The shares - are currently 
yielding a modest 6 per cent at 
a high for the year of £€li 
and the market is clearly ex- 
pecting GFSA to he able to pay 
a bigger dividend. It to a reason- 
able assumption, but it should 
be remembered that GFSA win 
also- be aiming to restore the- 
eamlngs cover for the dividend 
to something, better than the 
current 1.6 times. 

Blyrooruitzicht says that if 
costs can be held in check and 
the gold price received does not 
fall below Rl 5,000 per' kilo- 
gramme (equal at present ex- 
change rates to $405 per ounce) 
it should be passible to lift the 
December interim slightly 
shove the final of 90 cents 
declared to July. 

Operating costs are of par- 
ticular concern (o the gold- and 
uranium-producing Harmony 
white has to manage with a 
fairly marginal ore grade of 
just over 4 grammes gold per 
tonne.'. Uranium revenue helps, 
of course, and Is expected to 
provide further-profits over the 
next 12 months. 

Ih the longer term, increases 
■to, contract prices will become 

necessary otherwise uranium 

-production may have to be cur- 
tailed. If the bullion price 
keeps up it will greatly ease 
matters tor this high-cost mine 
and it is hoped that the final 
dividend: in March . may be 
somewhat higher ; than tee 
recently declared interim of 85 
cents.-- . 


there to no very obvious case 
for supporting the 'shares which 
have come down fro# tee mid:. 
70s earlier to the year to the' 
mid-SOS. ' : . - 

-v. ’ 

BATs takes off + r 1 - 

. After years' to. the db^onse. 
BATs has been taken' to tee. 
equity markefs. ^heart. The 

. group is uo longer perceived 

as a boring leviathan with earn- 
ings in aU the wrong placets and . 
a disastrous diversification 
policy. v ...... 

Now BATs to- admired for. its 
enormous .. financial:: strength, 
tee defensive nature 'of- tobacco 
profits to hard times, and a 
broad international - -, spread. 
Even after tee relating of the 
past .couple of years, tee group’s 
shares still trade on five times 
earnings — on tee group’s+O per 
cent tax charge. 

. For the first half of 1982, pre- 
tax profits are up from £269m 
to- £32 6m, a go-go performance . 
white - looks even better given 
teat tobperty disposal surpluses 
7-takfen above tee line to the 
retailing diririonr— were some 
£7m lower this year. 

Favourable movements: on 
currency translation accounted 
for £tihn of' the tocrease, but 
that still -leaves a . substantial 
underlying advance. Some of 
this comes on tee paper side, 
where BATs is turning - Wiggins 
Teape out of lass to tee UK 
and making good progress with 
the more recently acquired 
Appleton Paper to tee UJS. But 
the main advance,, was in 
tobacco, where trading profits 
rose 30 per cent ito £266m. 
accounting for '82' pex -cent of 
the total 

That is a! hefty proportion 
after hundreds of millions of 
pounds have been spent on 
diversification, and .not all the 
earnings advance is of the 
highest quality. Tobacco profits 
were boosted by’ lower launch 
costs in the U.S, and a big jump 
to Brasal: where *price controls 
have been removed. But on a 
5 per cent fall to volume, there 
is really no room to quibble. 
Retailing made £6m pre- i 


Bulls still buying 


Share Price 


mm 






interest on sales of £l,117m — 
the sort of figure that used to 
lead to impolite remarks. But 
BATs relative success with 
department stores In the U.S. — 
with their heavy second half 
weighting — has Jed to more 
sympathe tic treatment from 
City analysts, and the recent 
expansion of these interests 
through the bid for Marshall 
Field was well received. Even 
International Stores (excluding 
Argos) made a tiny profit— and 
■that is real progress. 

Brake on Vickers 

Earlier hopes of a profits up- 
turn this year at Vickers are 
being spirited away by the 
recession. The company’s origi- 
nal forecast of some growth had 
been based mainly mi the 
effects coming through from 
recent major reorganisation and 
de-manning. 

The change of outlook was 
announced along with the 
results for the first half of 1982 
whefl taxable profits rose from 
£9.5m to £10J2m. A further 
general weakening of demand 
in the last three months now 
indicates that, despite - the 
surgery already under way, full 
year profits will fall short of 
the £24.1m achieved in 198L 

This figure was itself 14 per 
cent down on tee previous 12 






months, reflecting the impact of 
the recession, though Rolls- 
Boyce Motors, acquired in 1980, 
had produced a sharp increase. 

This time around the motor 
company has rising stocks in the 
.U.S. and to absorbing cash in 
one of those few periods when 
there are no new model tooling 
costs. But the more worrying 
aspect of tee profits warning is 
that tee group's interests 
.extend far beyond the depressed 
motor industry and therefore it 
must carry a message for the 
whole engineering sector. 

Group sales for the half year 
did little more than match in- 
flation, being up 10.5 per cent st 
£3 18. 6m. Profit at the trading 1 
level was £1.3m ahead at 
. £20-3m before redundancy 
costs, doubled to £2.4xn. 

Net interest charges, while 
down £500,000 at £8ro, did not 
show .the degree of benefit of 
the March £24.4m rights issue 
that might have been expected. 

Tax take was higher at £4.lm, 
against £2.6m first half 1881. for 
stated earnings per £1 share to 
emerge down from JL2p to 7p. 
But at the attributable level 
there was an improvement of 
£1.7m to £3 -5m because of lower 
extraordinary costs. 

The share price slipped 2p to 
126p on the mid-term statement 
yielding 14.1 per cent following 
a maintained net interim divi- 
dend of 4.55p. 


NEW YORK 

RICHARD LAMBERT 


THE UJS- INFLATION rate is 
continuing to ■ fall— figures 
released this week suggest that 
for 1982 it could come down to 
5} per cent or less — and tee 
economy remains sluggish. That 
is good for fixed interest securi- 
ties, and these days it is the 
bond market that dictates daily 
share price movements on Wail 
Street 

Thus a strong rally in bonds 
on Tuesday sent the Dow Jo dps 
I ndustrial Avers ac shooting up 
by more than 18 points to a 
■new 13-month h<eh. Overall, in- 
vestors swallowed yet more 
enormous lumos of new 
Treasury financings with no 
signs of indigestion, and once 
again there was very heavy 
demand for lop quality 
securities. 

The yield on thrpe month 
Treasury hills siloed by almost 
a full onint to 7* dpt cent in 
the first four davs of thp wpp> — 
a ueriod when n-ber wldplv fol- 
lowed rates, such as those on 
certificates of deposit or 
federal funds, hardlv moved at 
all. At tee lone end of the 
market, the bellwether 14 per 
cent stork of wn moved 
smnrtlv ahead to the early part 
of the w«ek and now vields well 
I under 12 oer cent. 

With this kind of supoort, the 
rising trend in equities re- 
mained intact, and the buying 
power of the bulls has dearly 
not been exhausted yet. On the 
contrary, the New York Stock 
Exchange reported on Tuesday 
that the total short interest rose 
sharply to record levels in the 
month ending September 15. 
That means a lot of traders are 
still betting the market is head- 
ing for a fall. There could be 
some fun if 1 they change their 
minds. 

Among individual sectors, 
shares of the big New York 
banks continued to rally from 
their panic levels of recent 
weeks. Chase Manhattan, for 
instance, has risen by about an 


eighth during the past fortnight. 
Another sharp gainer was Wool- 
worth, following the news that 
its UK subsidiary might be 
taken off its hands by a friendly 
buyer. The company produces 
much tee same reaction among 
analysts in New York as it does 
in London— yawns and sigh*— ' 
so the idea that it might be 
able to generate a big capital 
gain out of its UK business put 
sudden life into the stock. 

On a less cheery note, there 
hove been signs of unhealthy 
turbulence in the airline sector 
in recent days. High hopes had . 
been pinned on the prospects of < 
a business upturn in the sum- 
mer. which is much the most • 
important period of the year ’ 
in this business. 

But in the event, it turned out 
that the American public was 
not willing to swarm hack into ‘ 
the skies again at the higher' 
fares which were pushed 
through in the late spring. 
Combined domestic anil inter- 
national traffic rose by only 4 
per cent in August — a period 
which was disronted Iasi ynar 
bv the air traffic controllers’ 
strike — and rnlumr ec i ually 
fell on* some or the international 
routes. 

The big new hid story of tee 
week was the arrreed Xerox offer 
for Crum and Forster. This put 
more life into the pmnrrJ.v and 
casualty insurance secin*-. but. 
drew a distinctly cool response 
from some Xerox followers. 
They had been starting to 
recommend tee shares asam, on 
the view that the company 
might he within a year or two 
or a big earninc* turnmund- 
nfter its lone battle to intro- ■ 
ducp new office equipment pro- 
ducts in the face of intense 
Jannnese competition. 

Now Ihey are not sure. The 
Cnira and Fors*e*- hid brines 
with it anile a lot of oamincs 
dilution in the short term, and 
mises questions about the 
bidder’s strategy for tee long 
term. 

MONDAY 97630 - 0.64 

TUESDAY 934.79 . +18.49 

WEDNESDAY 927.61 - 7.18. 

THURSDAY 925.77 - 134 


Six reasons why you should 

invest in Japan now, 


people who helped 




10 The Japanese have the strongest major 
Jk economy in the free woiid Over the 
^ lasttenyeare they have increased their 
Gross National Product by more than 
any other industrialised nation, and 
have conquered inflation, getting it 
down to below 2% a year. 

- • Japan is the land of high technology: 
Today she leads the worid in the 

p production of colour televisions, 

J» video tape recorders, photo- 
^ copiers .and .the like. And she is 
constantly shifting her capital 
and labour resources from U K 

yesterday’s industries into h 

. tomorrows new. ones such as ^ 

industrial electronics and thc^ 

communications systems. oide 

. 250 

'd Contrary to popular befiet the ^ 

Japanese ejqx)rtless of what stod 

they produce as a nation than ^ 

the average EEC country __J 

*xx inducfing Great Britain. It is 
'jLf simply a measure of their SS 

^ industrial success that so many ^ 

of our homes are' equipped 
with so much that comes from they 

Japan. -- .. . 


Japan has the worlds second largest 10 
stockmarket As such, it offers a very -fc 
wide range of opportunities, inducting ^ 
whole trading sectors not available in jf g 

London. 

The Tokyo stockmarket is at a level 
which, in our opinion, discounts B 
faffing profits m the short-term, but v 

does not yet reflect the 

prospects of full economic. /«jr 
recovery This presents a « 12 


UNPARALLELED JAPANESE EXPERTISE 

HR Unit Trust Managers Limited are part of the 
Hongkong and Shanghai Banking Corporation who, 
over a century ago. played a major role in introducing 
the yen as an international currency Today as the 
oldest established bank in Japan, they employ some 
250 people in offices in Tokyo, Osaka, Nagoya and 
Fukuoka. A significant proportion of the Group's 
enormous hinds under management is invested in 
stocks and bonds on the regions largest stockmarket. 
Tokyo. 

On fhe spot investment management 

With time differences between London and Tokyo 
preventing completely satisfactory management 
arrangements, Warcfley Investment Services Limited 
(the Group's Far East investment managers) have been 
appointed investment managers for the HK Japan 
Thist Through their offices in Hong Kong and Tokyo 
they will provide unrivalled on the spot services. 


marked buying opportunity 

Act now to secure yonr 
fixed price units 

To secure your units in the new 
HK Japan Trust, simply complete 
the coupon below and return it with 
your remittance, to us at the 
address given below 

The launch offer price is fixed at 
25p per unit until Saturday October 
16th 1982. (If there is a rise of more 
than 2 Vi% in the current price per 
unit the Managers will, in accordance 
with the terms of the Trust Deed, 
reserve the right to alter the initial 


H The yen is, periciaps, the most undervalued major 
Jr currency in the world. This means, we believe, that, 

Y "with US and UK interest rates faffing tojapanese levels, 
/jt the yen is set to rise strongly against the dollar and 
Jr sterling. - 

Xltr 

— TftffSmifl Print | 

rim rftheHKJ^^'IhirftotoFrovidekH^-teniacap^ grow* toxm I 

an actively-managed portfolio ofjapanese securities. . 

. All the^ Trusts cash and tavesiments are hdd on behaffcftraffiwldas by I 
teindependertTho^U Bank He. The TmstisaufhcrfscdbY'flie I Ten I 

DqxutmentcO^esuritoatndttitoxigeseounty/^^ca&XB^be | Low 

adciovdedgedatrf cert ifi cat e s iwunally within ste weeks. You can sell | 


offer price.) 

At the offer price the estimated gross starting yield 
is 1.0% per annum. Remember, the price of your 
units, and the income from them, can go down as well as up. 

HK JAPAN TRUST 



telephone or Jetton Prices itad yields are quoted in the national pres&An 
initial service dbaxge of 5 % to included in tee offer price ofunlto/out of white 
tfae M a n a ger s pay c crai gnto sk tn to authcxi 5 edageriLs(detagsav^abte on 
request). Air annual management change of^ (+VAT) of thevzdoe of tee 
fond is deducted from tee Trust's gaas income <o* ftoto CBt^al ffteere is 
instdfideflt income). tomriicneiofbaricTate tax is tfistdbtfledantiisaiyon 
23 id Novembe; liwfiistdstribiition on mfflsbougit now bdogpayabfean 
2 &dNbvemt«rl 9 B 3 . 

• M y naggr a HKUmtTnst Manages Iltl, 3 Fredericks Place. London 
B^8HD.Teiepboc»0X-5B84tlIAinen^xgc^tbgUnitInist A ssod afi( XL .. 

This nffg tentamiagahfe to residents of the BepubBc of Irefarid. . 



Tos HK Urft Trust Managers Ltd., 3 Fredericks Place, : ; 

London HC2R 8HD. S' 

(R^steied Office) Registered No. 1206945 

I/Wfewish to Invest fn*rimura£500)£ Si 

biHKJapanTrastalffie fixed offer price of 25p per urdt * 

^DKk^aremiBanrepavaWclo. 

HK Unit Trust Managers Lid.. 

Sumamte . ... _ 

first NameisJ: — - — - — — — : — 

Address: — 

i 

Joint appBcanls must aD sign and attach names and addresses scparaTely 
Please tick far □ Airt&mmic irinueanwrii of net in«?mc ' 

Q D«ta3s of Shartr Exchange Scheme Q'Dei^c C*f other HK trusts 



,1 i 


i _i Mwm»oi aoaicpEcnanpe acngrpgi luciBagCTqqwr nt>crvsa 








Jt uiaticicu mue> aaUriUiiv ^epttiau^t' ; ^ 


YOUR SAVINGS AND INVESTMENTS— 1 


5>H 


Ncr legal responsibility can bo 
accepted by the Financial Times 
■for the answers given jn these 
columns. All inquiries ' will c> 
answered by . post « soon os 
possible. ' 


- — ' - • ; ^ f J.lH 

Pensions, the CBI and early leavers: Terry Dodsworth reports - hi’() 

Gradually towards retirement # 


The Planning Permission for 
the house I am bnUding on a 
private road requires me to 
. .provide space on the. site for 
_ builders’ vehicles and 
.off-Ipading. I have done ali i 
-can to eompiy with these 
conditions bat occasionally, for 
• very, brief periods, the road 
is obstructed. My. neighbour 
has complained to the Council 
' -w ho" are threa ten! ng 
enforcement action. What 
-fornreah this enforcement take. 

' -MidSvbat istbc timescale ? 

'.If the condition is that you must 
' provide space for vehicles and 
. unloading , you will have 
' complied if you have provided 
such a* space, and the fact that 
'. the road is obstructed would not 
he a want of compliance. The 
' local' authority^ may (not must) 

■. .s.eTve an. 'enforcement notice 
. requiring . your _ . compliance 
. within a period specified after 
the* taking' effect of the notice. 

- and the notice itself must 
: be 1 '-stated to take effect not 
earlier “than 2S days after 
' its . service. 'Hence the time- 
-"scale' would 'be. say. eight 
Weeks after servige if 2S 'days-' 
'were specified for compliance. 
Alternatively- your planning' 
'.permission may be vitiated by : 
■ want 1 of compliance with', the 
condition, in which case an 
enforcement notice may require 
-yon to stop building; but again- 
two periods must be stated in 
the notice as indicated above. 


FINANCE' AND 
THE FAMILY 


BY OUR LEGAL STAFF 


for example/, you may like to. 
write ;to your MP, .setting out 
the facts a-*> fully as you reason- 
ably can, and explaining your 
difficulties: ^ letter from your. 
MP miy have the .effect of at 
least easing the: tax inspector's 
pressure upon ..you- 


SE shar e 
suspension 


Reopening 

assessments 


My tax inspector is demanding*, 
information on my affairs .going 
back to 1965. 1 have tried hard ■ 
to give him this information 
bnt for various" reasons have 
been unable to do so. The 
. inspector now says that he has 
Jiic power to. form an estimate . 

; from my tax returns submitted 
for those years and tax me 
accordingly. 

Can. the inspector go back aX 
those years? What rights have 
1 in- this matter? 


My father left a number of 
shares which have been 
transferred to my mother under 
the terms of his Will.- However, 
the solicitor 'who -Is dealing 
with the estate has- advised 
that the shareholdings- in two - 
companies cannot be 
transferred, because - the .-shares 
are currently suspended by ■ 
the Stock' Exchange. As far as 
X am aware these two. ■ 
companies .have -not actually . . 
been wound up and, therefore, 
the shares . coaid possibly 
have a. value." in the future. 

If the. Solicitor's advice is 
correct what action should be _ 
taken to ensure that these 
shareholdings are not “lost” 
to a possible future holder? 
The shares themselves can be 
.vested in the appropriate bene- 
ficiaries, by. means of an assent 
under hand, and notice given 
to the Registrars of the com- 
panies in'- question that .applica- 
tion to‘ register transfers will 
be made as soon as '. dealings 
are' resumed. 


buying an apartment in France 
In which I should reside for 
about half the >ear and my 
wife and daughter would spend 
holidays. Could you tell me 
what will be my tax position? 

In particular would the UK 
(or French) tax authorities tax 
me on the $9,800 if it were 
paid into a bank in Vienna?. 

As soon as you retire, you will' 
become resident (and-ordinarily 
resident) in the UK, -for UK 
- tax purposes, as you will see' 
from -the free Inland Revenue - 
booklet -CR20 (Residents and 
* non-residents: liability to tax in - 
the UK). Copies of this booklet 
are available at most ' tax. 
inspectors' offices. 

We take it, from what you 
say, that you are (and always 
have .been) domiciled in 
England and Wales. That being 
so, . your UN pension will be 
taxable in the UK (whether 
remitted here or not), subject, 
to the 25 per cent deduction 
which you will find explained 
in another free booklet, IR25 
(Taxation of foreign . earnings 
and foreign pensions). 

Article 22 of the France-UK 
double taxation convention of 
May 22. 1968, should protect you 
from being taxed- in France on 
your UN pension. In a local 
reference -library, you should 
find a copy of this convention' 
•(as amended) in. for example, 
volume 5 of the British Tax 
Encyclopedia or volume F of 
Simon's Taxes. 


of members and shown as the 
holder of those shares. The 
company would normally ask 
you, as executor, to give an 
indemnity against loss which 
might be occasioned -by there 
being two certificates in 
existence before issuing a dupli- 
cate shore certificate, but this 
should not involve any cost 
beyond the appropriate fee for 
the duplicate itself. You can 
only ignore the holding if the 
legatees, all being, of full age 
.end understanding, consent. . 


Derelict land 
in N. Ireland 


Not worth 
holding 


A pension from 
the U.N. 


The practical -extent of the 
inspector's powers depends on 
the particular circumstances 
which* led him to reopen past 
years' tax assessments, etc. so it 
is difficult for us to help you. 
If you cannot afford professional 
advice (from a local accountant. 


I shall be retiring soon after 10 
years working overseas for the - 
United Nations from which I - 
shall draw a pension of S9.800 
in addition to pensions and 
other income from UK sources. 
My Rife has for the most part 
lived in our house in the UK . - 
during these years. On my 
retirement I am thinking of 


1 am.execntor of my aunt, whose 
estate included 28 shares, the 
certificates of which have been 
lost, though the company 
Registrar confirms that she was 
a shareholder. The dividends 
are so small that it seems 
hardly worth while incurring 
the cost of an indemnity against 
the issue of a new certificate, 
brokers' commissions and so 
forth. The legatees are my two 
sons. What should I do? Can I 
just tell the company, to write 
them off? 


You -should include the value 
of the 28 shares in the valuation 
of the estate, since the testatrix 
was. on the company's register 


Fifty-five years ago my grand- 
father died leaving behind a 
plot of land and a small cottage 
in Northern Ireland, which 
has been left derelict ever 
since. None of ins children 
bothered about it hr elaimed It. 
My cousin and I are wondering 
if it would be in our interests 
to pot in claim for the land, 
as my father and his brothers 
and sisters are all dead. 

Would we be the sole 
benefactors or would we have 
to share with other cousins 
who are not even interested? / 
Also If we did succeed with our 
claim, would we have to pay 
rates dating back fifty-five 
years? I have approached a 
couple of solicitors but they say 
they do not know the law of 
Northern Ireland. 

In England, if your grandfather 
did not make a valid will, the 
grandchildren could claim in 
right of their respective 
parents. All grandchildren 
would claim, but the division 
would be determined by the 
number of children, each child 
representing a "stock” so that 
where a child in turn had, say, 
three children and another 
child had only one, the latter 
^andchild will take three 
times as much as- the former 
grandchildren-. It does not 
matter that some cousins may 
not show any interest; whoever 
administers the estate must 
give each grandchild his or her 
proper share. Back rates would 
not have to be paid. If the land 
is in Northern Ireland we can- 
not advise you of the position 
save that it is likely, but not' 
certain, that the law is the 
same.- 


WHAT THE recent debate over 
•early pension scheme leavers 
has unquestionably shown is that 
there Is so easy answer, to the 
problem. There are many ways 
of adjusting existing schemes to 
help mobile employees who 
decide to leave* and want to 
conserve the highest pension 
possible. But changes generally 
'involve either reducing other 
benefits or increasing contribu- 
tions from those people who 
remain in the scheme. 

The Confederation of British 
Industry has now entered this 
debate with a gradualist ap- 
proach which suggests that com- 
panies can no longer ignore 
the early leaver issue. In a 
new. advisory document it has 
come up with aperies of sug- 
gestions to help companies 
adapt their schemes progres- 
sively. It argues that this 
would be a more - acceptable 
course than being forced into 
radical changes through legisla- 
tion which would not take into 
account all the different types 
of scheme. 

To a degree, the CBI has 
been forced into this position 


by government pressure to do 
something. .Mr Norman Tebbit, 
the Employment Secretary, has 
made it clear that he has not 
ruled out legislation, L and the 
unions are also taking up the 
issue. The CBI itself also 
recognises that the problem will 
not .go away in a. period of 
high redundancy and apparently 
increasing job mobility. Already 
up to SO per cent of employees 
paying into- occupational pen- 
sion schemes change jobs at 
some time during their career, 
and mobility is likely to in- 
crease during a period of rapid 
technological change. 

In the document prepared 
under the chairmanship of Mr 
Richard Neale, manager of the 
Imperial Group pension fund 
and chairman of the GBI’s pen- 
sions sub-committee, the devices 
for adjusting existing schemes 
include the following: 

• Elimination of the “franking" 
svstem whereby the obligatory 
revaluation of the guaranteed 
minimum pension in contracted- 
out Schemes is offset against 
other scheme benefits. What 
currently happens in many 


schemes is that deferred pen- 
sion rights in excess of the 
guaranteed minimum level arc 
Gradually oaten up by nff.-omng 
The revaluation against them, 
Tho pensioner thus gets «:$ 
guaranteed minimum. hut 
nothing el9e — even though con- 
tracting out schemes are sold to 
emplovees on the basis that 
they will give better overall 
benefits. 

gf Schemes which automatically 
guarantee increases at a fixed 
rate for pensions already beins 
paid, could extend the guaran- 
tee to deferred pensions during 
the period of deferment. This 
would be one way around the 
erosion of frozen benefits 
through inflation. 

• In schemes which do nor 
guarantee increases at a fixed 
rate, but haw ad hoc reviews 
and’ pay increases when the 
fund permits, deferred pensions 
could also be included in the 
additional benefits. 

0 Schemes could proride Tor 
some fixed annual percentage 
increase in pensions which have 
been deferred. 

• Better provisions could be 


«« Aqua* 

under which 


under which MMnwBTtX!? 

lump, Rim lo purchase - * 

profit insurance contract • • 


The CBI also makes a w, 
of other suggestions 

iifp* a mflM wmhhi. « 


of .course, is that m*aylZ 

panics might find them 
to implement at nreaiufn*. 
inif levels, am* 
employees who -remain h, * 
schemes may not.be hanot to 
some of the cfcaoge&r-tiiie w 
leaver, by definition. "doesn! 
have a vote :ta ibe t 
has left and more benefit* h 
him tends lonKinJestfor thm 
who stay. . • 

&r*n so. «s the CBI 
out. the pensions fodnStiyX 
shown itself highly adaptable j 
the past In responding to m 
demands. The idea of bafin 
pensions on final salary * 
example, was introduce^ , 
respond to the impact < 
inflation. Many schemes: w 
enough flexibility : . to 
modest changes here and th«r 
and could therefore respond i 
the needs of the early leaver. 


Martin Taylor examines the revival of a City favourite 

Why Fisons is all go-go again 


mmmmm 






ku'i ■ 


“At any one time there are -always ^companies; and 
market sectors where share prices haye been depressed 
more than the value qjf 

climate warrants. Sonie of the best returns are. achieved 
from buying into these areas which sire, out of favour? : 

and takingprofits when di^ haVie recovered. - ; ; . 
Chieftain are launching the iGlobal Re^ydty now : 

because they feel that currendyiihere aremaa^j^rtio!- ; ■ 
ularfy worthwhile. Opportunfti^;atnong v^d^h^ketsp"; 

’ • ■'’•• . .- J f > ■' - *V "* -?■'.«< ’ .*. > 

1 -• v. r ! : : if 

l • - > ■ ~ 3.V >.:■ 


fc.w 

p-y\h:. 

m 


VISITORS TO ■ Fisons’ head 
office in Ipswich cannot fail to 
notice the large chart of the 
company’s share price which 
adorns the lobby. You can see 
why they are proud of it. From 
157p at the beginning of 19S2 
— and not much more than £1 a 
few months earlier— -the shares 
have risen above 40Op. back to 
the heights of the mid-1970s 
when Fisons was a go-go phar- 
maceutical growth stock. 

In the eyes of investors, that 
is what it has become once 
again. Yet only IS months ago, 
that seemed a far-fetched possi- 
bility. The company’s most 
promising new anti-allergic pro- 
duct Proxicromil, had been 
withdrawn as potentially dan- 
gerous just before its planned 
launch — “64 years down a 7- 
year track," as Fisons-' chief 
executive John Kerridge puts it. 
And the company was still 
groaning under the problems of 
its fertiliser division — Fisons' 
most long-standing business 
which tied up large amounts of 
fixed and working capital and. 
hamstrung by a cost disadvan- 
tage vis-a-vis its principal com- 
petitor ICI. had been earning 
lousy returns for years. 

Early this year, Fisons did 
something that had previously 
been considered unthinkable 
and even impossible. It sold 
the fertiliser division. Un- 
thinkable, because it was a 
“ core ” business — impossible, 
because who would want to buy 
it? In fact in Mr Kerridge’s 
opinion, the difficulties were 
much exaggerated: no one bad 
ever really tried to sell it. 
When Fisons really decided to 
make the disposal, they found a 
buyer — the feedstock rich Norsk 
Hydro from Norway, in a posi- 
tion to take on ICI — very 
quickly. The business was sold 
well below book value, but it 
brought £50m of cash into 
Fisons’ balance sheet and- 
removed a heavy burden from 
the corporate shoulders. 

Following the hiving off (into 


a joint venture with Boots) of 
Fisons' struggling agrochemical 
interests in 19S0, this left the 
company with a much smaller 
portfolio of businesses in which 
the star pharmaceutical divi- 
sion stood out more clearly 
than ever. Fisons* 1980 sales 
were a whisker below £400m: in 
the first half of 1982. the wholly- 
owned businesses had turnover 
of only £125m. First half 
profits were up from the 1981 
first half low point of £1.6m to 
£9.Lm. thanks to the excising of 
the loss-making fertiliser side, 
and the related reduction in 
interest charges. 

What the City likes about 
Fisons at the moment is an 
attitude of mind as well as 
much better figures. This is 
shown not only in the willing- 
ness to disen cage from unsatis* 
factory traditional areas — “we 
have no room for businesses if 
we can't rack the return - up 
substantially,” says- Mr Kerridge 
— but also a new approach to 
marketing and development. 
Fisons has always been a big 
spender, given its size, on 
research and development—- but 
mostly on research. That has 
all changed. “We want to he 
more like Beech am. and squeeze 
the last drop out of our pro* 
ductal 

Rather than bewailing the 
new product gap left by the 
last-minute failure of Prod* 
cromil, Fisons is doing more to 
increase returns on the mature 
anti-asthmatic product Intel 
and Its derivatives. Intal 
suffered from the disadvantage 
that it could only be taken by 
the patient by means of a 
rather complex, whirry machine 
called the “ Spinhaler." The 
Soinhaler was ingenious, but 
Fisons always knew that a more 
conventional method of delivery 
would have increased Intal’s 
general level of acceptability. It 
is only now that an aerosol 
(Fisons prefers the name 
“inhaler") form of Intal has 
been developed — a modest tech- 


soorP***" 


rl 


f V 


Fisons 

Share Price 

(Monthly highs and lows) 


1874 75 70 77 ’78 79 ‘80 *81 *82 


nical advance which has made a 
world of difference to sales. 

A more aggressive approach 
to marketing has gone along 
with the product development 
of over-the-counter products as 
well as ethical drugs. Fisons now 
boasts that Sanatogcn is the 
second largest brand - sold 
through chemists. It was not 
quite done to discuss this 
ancient and unglamourous pro- 
duct a couple of years ago. 

There is also an end to the big- 
company illusions of. the mid- 
1970s. The move, from Mayfair 
to Ipswich (the refurbishment 
of the run-down Ipswich build- 
ing was paid for by tire sale 
of the corporate art collection) 
was symbolic of the new 

austerity. 

Fisons has also learned from 
the Proxicromil disaster not to 
put loo many nf its research 
eggs in the same basket. “ We 
now have six new products 

whidi we are bringing along in 
parallel, " says Mr Kerridge. 

“We shall postpone selecting 
one above the others until the 
stage of mass clinical trials.” 

Outside pharmaceuticals, the 
scientific equipment and horti- 
culture divisions are being ex- 
panded by modest acquisitions— 


an Australian distribution lx 
ness in one case, and reten 
of peat in the other. T 
recovery in Fisons' share pr 
greatly lessens the inunedi- 
threat of take-over— vcjy r 
just after the fertiliser divis 
had been sold — and gives Fin 
the capacity to take over a « 
pany of some size if it wan 
to. That might not 
immensely popular in the C 
which has not forgotten the v 
expensive take-over of thesa 
rifie equipment company G 
lenkamp in 1977. 

Fears that Fisons may w 
to use its highly-valued pa: 
are a possible drag on the sh 
price. And no amount of de- 
marketing and development c 
disguise the absence of a si 
stantial new product on t 

g hannaceutical side. Not 
ity analysts are convinced t) 
Fisons deserves the last 75p 
its share price recovery, wW 
owes something to the presf 
fashion for pharmaceutical co 
panics — and indeed the sbz 
price has come slightly off T 
boil sins* Monday's inter 
figures. But the years of dedi 
during which many fund mi 
agers developed an allergy 
Fisons. seem to be over. 



Barry Riley looks at the Robeco Road Show 

No sex please, we’re Dutch 


with outstanding recovery potential-worldwide 


Concentration 

OnGrowth 


Fixed price offer until 15th October 

■ General Information 


This mist has just one aim - capital 
growth, through a portfolio concen- 
trated on those companies and mar- 
kets with the greatest potential for 
recovery anywhere in the world. 
However the managers intend to be 
invested i n only two or threecountries 
at any one rime, the portfolio syiil not 
'be widely scattered. The managers 
■will be prepared to make major 
strategic moves as opportunities 
appear Unit holders will be informed 
When' radical actfbn is taken. .. . 

Obviously this is a policy not without 
risk and the mist will often be mare 
volatile "than very broadly spread 
funds.' But ^thc growth prospects am 
very attractive. Building out of reces- 
sion presents great opportunities for 
gain, and so this trust deserves con- 
sideration for a proportion of your 
portfolio. 


The price of units 'arid income. from 
them can go-down as well as up. At the 
initial launch price of 25p dic es tiinated 
current gross yield is 5. 0% p. a. 

Applicants (or unlp.ynjl. 

receive contract notes and will 
be sent certificates by 2tith 
November 1983. Units can- • - 
be bought orsdd at the daily 
calculated prices quoted in . 
the national press. 



An initial charge of 5% is included 
in the price of units and there is an 
annual charge of 1% (plus VAT) 
allowed for in the quoted 
yield. Annual distributions 
net of basic rate tax are 
made on llthMay 
Trustees are Midland 
Bank Trust Company 
Limited This offer is 
not applicable to Eire. 


International 

Strategy 


r* 


Chieftain Trust Managers, 

CHieftam House, -U New Street. London EClM 4TR Tel- 01-283 3933 or 01-283 2632 


r .. _ —APPUCATIONFORM 

Ta.Chieitain Trust Mariagcn Limited. Chieftain House, It New Street, London EC2M 4TE I 
l/VC'e would like to buy Chieftain Ckibd Recovery Ih&t units to the value 

I bt€_ ‘ _ '.«rt5pcadtfMiitinmniESMI . V 

I A remmance payable to Grfefnrii Trust Managed Limited raenebsed. ■ 

IFX'e dcdarc riut-1 am/we are rtuer IS. | 


The Managers will constantly be 
looking for recovery situations back- 
ed by fundamental worth rather than 
trading in volatile stocks: There will 
usually be under forty shares in the 
portfolio. 

Currently the intention is to invest in 
three areas. -These are engineering 
and construction companies in the 
U.K, some of the recently out of 

favour American technology com- 
panies, and some of the Australian re- 
source stocks. . 

As international markets rise and. fall 
so the portfolio will be shifted, and 
the managers are prepared with this 
trust to hold significant liquidity 


Investment now 


Your Reassurance 


box L •_ i- It you waiwmaxiiii uni growth bv re^nvesoiignt of nei income 
f^lfvouwint'uiinvest'riiondifv PI Ltyoo would Hhc details ot our Shut BwfongcPhn 


A unit trust has several natural advan- 
tages over die individual T'nvcStbc 
There is aspread of risk overa number 
of companies. There is full time pro- 
fessional management seeking out 
situations. The managers are exempt 
from Capital Cains Tax when they 
take profits. And Chieftain on buy 
and seQ shares around the world more 
easily and cheaply than all but the 
wealthiest private investor 


SuRume (Mr/Mrc/M&J. 


Bret Narad sj in falL* 


Sgraaads). 


J ma* BP> *14 it*’’ ilw frtafi KpsaMv- IqUncd <*rr n Jw. Ns 


The current world recession offers 
very attractive pnaspeitsfor recovery 
In many areas; and this. trust Is a 
most effective way for investors to 
profit from them. ■■•.7 ■ 

If you already have a dwe portfolio. 
Chieftain offer a Share Exchange 
Han. Usirig the Plan you can qc- 
change existing shares for units with 
die managers absorbing,^! die com- 
misaon charges you^ would normally 
pay- • ' - ' • - 

For all investors die minimum Initial 
investment is €500. The launch price 
of units is 25p until 15th October 


■ “No Sex- Please — We’re 
British” was the last play to 
feature at London's Strand 
Theatre. This week the audi- 
torium, darkened for many 
months, was briefly reopened to 
put on a very different form of 
entertainment — Thursday’s 
Road Show by the Robeco group, 
the Rotterdam fund manage- 
ment organisation. 

- The Dutchmen were in town : 
to publicise the listing on the' 
London Stock Exchange of 
Rorento. which they daim is 
the world’s largest bond fund, 
first offered to the Dutch pub- 
lic in 1974, the fund is now 
listed on 14 stock exchanges, 
and has grown to a total of 
£640hl ' 

• For much of this week,. 
Robeco’s representatives have 
been talking to professional 
advisers and institutional in- 
vestors in London and Edin- 
burgh. But they are also aiming 
to sell shares in Rorento to pri- 
vate investors — and they were 
surprised to receive as many as 
400 acceptances to Invitations to 
Thursday's Strand Theatre pre- 
sentation. 

The Robeco group has for 
some time been mulling over 
the problem -of how to boost its 
presence in the UK. At one 
time there were quite a few 
British shareholders in the 
original 49-year-old equity fund 
Robeco, but the number has 
dwindled over the ’years. The 
more recent funds Rotinco, a 
growth oriented trust, Rorento, 
tiie bond fundi and Rodamco, a 
property vehicle; have never 
had much impact in Britain. 

The Robeco group's main 
problem in attracting ‘ British 
support is that it is. competing 
for the private investor's capital 
against a . wide variety of 
domestic funds. • 

, Fairly generous -commissions 
are paid by unit trust manage- 
ment companies to stockbrokers 
or other intermediaries who find 
new' investors. And there can 
be extra kickbacks in the form 


of reciprocal business in shares 
sent the way of .brokers who are 
successful in. selling. units. 

In contrast, shares in the 
Robeco group funds -are bought 
and sold through' the normal 
operations of the stock market 
The commissions are less than 
on unit trusts, so it takes a 
fairly selfless stockbroker to put 
his client into a less remunera- 
tive alternative. 

In going through- the stock 
market route, too, Robeco cuts 
itself off from all the other 
intermediaries like ■ accountants 
or insurance brokers who are 
active in serving the private 
investor market. 

The reverse side of that coin, 
however, is that the Robeco type 
of fund can be an economical 
form of investment. Lower 
commissions' mean lower costs 
for the investor, and Rorento.- 
for instance, boasts that its 
operating expenses amounted to 
a mere 0.26 per cent of average 
net assets in the latest financial 
year. 

But there is a further hurcBe 
for Rorento to jump in Britain, 
in that bond funds are by.no 
means .so well regarded here 
as they are in many other coun- 
tries. 

Fund manager Ntcolaas Veer 
explains that Rorento seeks to 
manage both - its bond' invest- 
ments and -tts currency expo- 
sures. At present it is. largely 
invested in dollar and guilder 
bonds, but it has -a significant 
exposure to sterling through the 
forward currency market. • The 
fund is staying" dear. . of 
Deutsche Marks, Swiss francs 
and Japanese yen. 

The real advantages of such 
an international bond fund are 
enjoyed by investors in a, coun- 
try with a weak currency. Ster- 
ling has been relatively steady 
in recent months, so the gains 
for British holders have not 
been very remarkable. 

In all, the Robeco group has 
well over £2,000qi of funds 
under management (and has re- 


cently annoyed the Dutch banks 
by aettiug up a savings bank 
subsidiary). It has a sound 
long term ' record, but has 
tended to invest too heavily in 
. Wall Street over the years, with 
an adverse impact on its per- 
formance. 

The group recognises the 


need for alertness and flo 
billty. but places . great a 
phasis on solidity and Lhoroug 
ness, which leaves it with 
slightly btodgy image. Mayl 
the title of its presentation ; 
the Strand Theatre this W» 
should nave been "No S 
Please — We’re .Dutch.” 


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YOUR SAVINGS AND INVESTMENTS— 2 

William Hall looks at a big deal for a tiny bank 


■■■> 


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'■■jVuf 


WHY DID, 

Britain’ v most ; successful life 
^ssoranee company, papr- £L0.&^ 
ar nffire than foarjimes took 
: yalue. this week, for Dunbar, a 
■ liny merchant bank whose on ly 
] claim to fame is that Seen Con- 
may -owns 8 per.centWthe 
.action -and several of sports; 

' promoter 3£ark ; • HcConnack’s 
stable; are among Its client list ? 

It is a question that hasr been 
hotly derated over City lun- 
cheon tables as analysts try to 
reconcile the price Hambro Life 
is paying .’ for an unknown 
licensed deposit taker with the 
lowly' rating normally accorded 
to bank shares. . Barclays Bank, 
for example^ is valued. at less 
than half its net. asset value in 
the present stock market. 

Hambro life has; great. plans 
for Dunbar, - a' small well-run 
private bark with 1 a. staff of 
under 50, assets of £23m plus 
another £70m under manage- 
. merit and this explains why it 
was ■ prepared to pay such a 
fancy price. ; . f j 
“^“"We- feel vexy:'strongly that 
the dividing; lines - between 
.various. T financial fawt ifi ' itlo n s ■■ 
are going to break down' and 
there -is going to be a scramble 
for marketing outlets,” says . 


<v . " . 


Marie . Weinberg; Hambro ^ifeY 

.<3def execixtivfc 

the same rime the. life 
insurance industry , is going to 
And itself -isolated as a high cost , 
marketing bperatJan in :the 
years to- come unless it wUena, 
the: range- of -financial services 
it sells through its marketing 
outlets,” says Mr Weinberg, 
who has a sales forceof 3,000 
plus a couple of thousand in*, 
snrance broking outlets;' 

■*' We are in a strang.positfbn 
to make our life assurance com- 
pany the hub of an integrated, 
financial service operation . on 
a loiwer cost tads than either, a 
dearfng bank or ar boiling 
society which love to carry 
very large high street branch 
networks.” 

'With ait eye oik whet is 
happening in the U-S-, where 
tbe financial services industry 
is undergoing a major revolu- 
tion as new participants 
challenge the banks, Weinberg 
nays that the purchase of 
Dunbar, should be seen as a 
long-term move, to position his 
company for the Changes he 
sees coming in the UK financial 
services industry., 

M the moment these a rp just 


mi the drawing board, but are 
likely to ipdude a U.S.-style 
money v market fund* ; and ‘a 
general move to the provision 
of a ‘fuH ranee of financial 
services. • 

At present th e group sefts 
fear main products— hunp sum 
investments, personal - pension 
schemes, high fife cover .plans 
and. savings plans: “We could 
be selling three times that 
number in six in seren years’ 
time,” says MrW&nberg.- 
'• “Our feeling is .that a life 
insurance sates force is a good 
point to start from. It is prob- 
ably the most difficult financial 
service to sell and once you have 
sold it and gained. the confidence 
.of the customer, he will readily 
look to you for. an introduction 
to other financial services:” . 

In the financial services 
industry of the future. Hr Wein- 
berg firmly believes that ft com- 
pany has to lock upon itself as 
being a retailer. M The clearing 
banks could do it, but they are. 
not fast moving enough, and are 
afraid of stepping on toes and 
estaMisfaed ctieuts.* 1 The same 
goes for the building societies; 
but to a lesser extent. 

“ We are afl moving in the 
same direction.. We just feel 


that -iff it . comas to a battle 
for outlets we have 3,000 sales 
staff each of which has a cluster 
iff between 300 and 900 per- 
sonal clients who trust them.” 

This is where Dunbar fits in. 
Haaobro life ha® been hesitant 
to diversify before because it 
dad not want to spread its 
management too thin. However, 

David Backhouse, - the chief 

executive of Dunbar, has im- 
pressed Mark Weinberg and las 
colleagues. 

Dunbar's performance gfare 
David Backhouse came in just 
under ten years ago has been 
impressive. Pre-tax profits have 
risen steadily from £78,000 to 
£854,883, the firm has eschewed 
regular rights issues- unlike 
some of its small rivals, and it 
first placed it shares on the un- . 
listed securities market in 
December, 1980 at £3 per share. 
In May it got a fall Stock- Ex- 
change listing for its share and. 
they are standing comfortably 
about £8 per share. 

"There is .a temptation to 
think that there are a few 
-fellows, who haye done quite 
well over a number of years, 
and now they are taking their 
chips and going away” says 


As the university year begins, Rosemary Burr reports 

Goodies for students 






Mr Mark Weinberg 

David Backhouse. Nothing could 
be further from (he truth, and 
Ms membership of' Hambro 
life's small executive commit- 
tee reflects bis intention to stay 
with Hambro Life over the 
long term. - 

“ You can have brilliant ideas 
but unless you can find a 
market dor them you will never 
make them worthwhile. In the 
end marketing is the real 
challenge in tbe financial 
'services industry ” says Mr 
Backhouse. 


WITH THE stair of the 
university year approaching, 
the banks have put together 
packages in an attempt to lure 
I new customers. Lanky youths 
trading uni versi ty scarves are 
portrayed suitaMy impressed 
by the array of goodies offered 
by the particular bank of their 
choice. 

When it comes to picJang a 
hank, most people tend to make 
the same choice as their 
parents. In order to combat this 
trend the banks each year 
market an increasingly lengthy 
list of facilities for students. 

A brief perusal of the facxli* 
ties available throws up interest- 
ing variations. Among the 
clearers, National Westminster 
is by far tbe least generous. 
Unlike Barclays and Midland 
Bank. Nat West as (dearly not 
keen to toZerate students getting 
overdrawn. 

In addition, while the other 
clearers will not charge the 
students for debit items if they 
are overdrawn with the bank 
j managers' approval. National 
Westminster does not offer this 
facility. 

The best buy depends on 
whether students plan that the 
day will come when they have 
to go cap in hand to the bank 
manager seeking an overdraft. 


The standard overdraft rate is 
usually 3 to 5 per cent above 
base rate but both Barclays and 
Midland will only charge 1 per 
cent over base rate. 

Of course the banks place 
some restrictions cm students' 
overdrafts. 

If you are studying to be a 
solicitor Midland is more open- 
handed. This week the bank 
introduced a special loan 
scheme for post graduate law 
students studying to be solicitor 
but not barristers. One year 
students can borrow up to 
£2,500 for a maximum of five 
years at reduced rates and two 
year students up to £5,000 for 
up to seven years. 

The rate of Interest is a mere 
4 per cent during the period of 
study and for the 12 months 
afterwards. After this the rate 
rises to 2i per cent over base. 
No repayments need be made 
dining the course and interest 
only can be paid while the 
trainee is in articles. 

Cheque books, cheque guaran- 
tee cards and cash cards are 
traditional student fodder but 
no bank indudes a credit card 
in its student survival kk, 
Barclays does say that if a 
student is over 18 then he or 
she will be given a Ba relay- 
card which ads as both a 


guarantee card and a credit 
card. There is, of course, 
nothing to stop students apply- 
ing for a credit card and it 
would be up to the credit card 
company to assess their credit- 
worthiness. 

The special treatment does 
not come to a halt on gradua- 
tion day. Barclays wiU lend 
graduates £500 at reduced rates 
while WlHiams and Glyn’s say 
a similar sum may be made 
available. 

Apart from the strictly bank- 
ing services, the clearers have 
tried to spice up their appeal 
by offering a range of frills. 
Williams and Glyn's gives 
students opening an account 
with their grant cheque before 
November 30 an £8 booktoken. 

Midland seems to feel that 
students will want to get 
away from it all. So the bank 
gives away membership to 
British Airways Jetclub and 
students get an ISIC card 
entitling them to a third off 
National Express coach fares. 

National Westminster Bank 
also sees students as potential 
globetrotters. Tbe bank will 
allow students to obtain up to 
£200 a year of currency or 
NatWest travel cheques free of 
commission. 


The Association of 
In vestment Trust Companies 


THE INVESTMENT TRUST TABLE 


The fimnvftfa the column* below art* hased 
on inform* lion supplied hy the companies 
named, which are member* orThe 
Association of Investment Trtist 
Com panics. The figures are unaudited. 


as at close of business on Monday 20th Septemberl982 



Tbtal Assets 
less current - 
liabilities 
Q> 

- £miilionr '- 



Company . 


VALUA330NMONTHLY 

. Alliance Bust. 


British Invest. Bust ... ...... J. 

Rrst Scotiash American TYuet ....... 

".Investors Capital Thu* 

- Now Darien Oil Thist .............. - 

Northern American Hust Co. ....... . 

River Plate ft Generallnvegt ftust. . . 

- ixSaive & Prosper Linked Invest. T*qrt . 

Scottish Invest Thust ....' 

Scottish Northern Invest. Trust ..... . 

- Scottish United Investors 

Second Alliance That 

• Shires Investment .... 

-• United States Debenture Cooperation 

West Coast & Texas Regional 

Bailbe Gifford & Col v- 
Scottiah Mortgage & Thist ,< N . ...... . 

Monks Invest. Thirt 

Wmterbottom Energy Thist 

BaiHie Gifford Japan 

Mid Vfotd International Invest. Trust 
Baring BroS-A Co. Ltd. / 

Outwich Invest Trust .............. 

Thbune Invest Thifft .. ... . .. ....... 

Drayton Moptagu Portfolio Mngt. I4&. 

• British indnit. Si'Gen.IhveBt.Co. 5 
..Chy A Foreign Invest. Co. .......... 

" Drayton O m aori ri a f jd'IhiBt 

. . /.DriQ^nfWEaateraTniat.. 

Drayton Japan Trust ................ 

DraytoaPremier Invest. Thist ....... 

English ft International Trust ....... 

Montagu Boston Invest That ....... 

xCtty&C(»ninerdaltevesLTfcai!t 

' xDualvestplc., 

. . xFnn din vest pic. ....... 

xThplevest pic ...... i 

East ofScotland Invert. Managers Ltd. 

■ Aberdeen Thist 

Edinburgh Fund Managers Ltd. ... 
•American Trust .......... i 

Crescent Japan Invest Trust ........ 

General Scottish Trust 

New Australia In vest Tl-nstx.. 

New Thkyo Invest Thiat 

Wemyas Invest TVunfc .............. 

EZectnrHousa Group 

Globe Invest, Trust 

Tbmple Bar Invest Thurt: 

FftC Group 

Alliance Invest. Co. 

Cardinal Invest, Bust v 

- . F&CEurotrust 

Foraign & Colonial Invest. Ttnst 

General Investors * 'frustees 

Robert Fleming In vestment Mngt Ltd, 
CUvn^uMteyestThurt, 

- CrossfriarsThist 

. Fledgeling Investments 

FlensingAmerican Invest Truit 

Fleming Far Eastern Invest Trust ... 
Fleming Japanese Invest Trust 

- flemingMercantfie Invest Th«t ... . 

Fleming Universal Invest. Thxst 

- London & Provincial Trust.... 

Technology Invest Ttnst , 

United British Securities Tfcust 

United States & General ThistCorp. 

GT Manageroexct Ltd. - 

Berry Tust - 

GT Global Recovery Invest Thiat 

GT Japan Invest Tust 

Northern Securities That .......... 

Car tmo nt Investment Management Ltn- 
. xAltifundplc. • 

- Anglo Scottish Invest Trust ........ - 

English & Scottish Investors ..... 

Group Investors . . . . . ---- 

- landon fcGartmore Invest Trust ....■ 
London A Lennox Invest Thist ------ 

• London & Lomond Invest TVust 

London ftStratlidydeTlruai. ........ 

Meldrum Invert. Thwt 

Gartmore In vestment (ScotlahdiLtd.' • 
Scottish National Hurt 

Glmgow Stodsholdere Trust ......... 

• John Gowtt& Co. Ltd- 

Border & Southern Stockholders THurt; 
Genial StockhoWera Invwt aiust , 

LakeVlew-lnvestTriist — 

Stockholder Invest Thirt 

Hambro Group - 
Biahopagate Hurt 

City of (Mordln vest Thiat 

Handsteft Invest Ttust 
xEosedimond Invest Tnrt ■ 

Bendo^on Administration IM.- . 

Witan Invest Co. .j 

ElectrieSf General Invest Co. ....... 

Greenfriar Invest Co. 

Ldwlandlnveat Co, ' 
Philip Hill tManagwnentl Ltd. 

General Consolidated Invest Ihist .. 
Philip Hill Invest Uust 

- MooxgatetevwtTurt. ...... .-v... 

Nineteen TWenty-Eight Invest Trast 

Industrial & Commercial PTn. Corp. Ltd. 
London- Atlantic Invest Burt ....... 

North British C anadia n Invest Co.. .. 

Ivtuv&SimeLtcL 

Atlantic AfiasteTlrUat 

- .British Assets Thu* ... . ; ......... 

Edinburgh American Assets Trurt ... 

Independent Invest. Co. ... 

Japan Aaseta Hurt 

- WkingKesourceelkust...... - -• 

KleinwortBensimlBVBSfcmentMngtLta. 

British American *<3!rt»nUTVurt .. . 

Brunner Invest Thist 

Chortgr That & Agency 

English & New .... 

Family Divert. Thirt 




’ asat 31st August 1982 

■ ~v ^ . — i — r™ 

Tbtal Return 
onNAY 
over 5 years 
to 318.82 
(ID 

base -=100 

Net! 

Asset 

Vfelue 

' (5) ! 

Ge 

UK 
: (6) 

% ' 

ograpiucai spreaa 
■Nth.; 

Amec Japan Other 
. (7) 18) ’ t9) 

% K % 

- / \ 

Gearing 
Factor r 

m 

. 444-. 

50 

41 

4 5- - 

m 

186 

92 . 

•’ V2D 

83.- 

— _■ - 

90 - 

155 

275- 

63 

32 ; 

4 1 

86 

171 

182 

58 

31 

• 10 Jr- 

99 

179 

158 

40 

44 

9 7.. 

100. 

171 


as atcloseofbusinesson Monday 20th September 1982 


4.8 

200 

57 

■32 

10 

1 

: 6A 

156 

79 

• 10 1 

— 

H 

_ 

199 

10O 

■ — 

— -■ 

— 

• 4-7 

194 

42 

38 

.6 

12 

5.4 - 

135 

62 

33 

2. 

3 

4A 

71 

- 37 

42 

8 

13 

4^ 

386 

51- 

40 

4 

5 

12A 

153 

100 

— 

— • 

— 

6.9 

164 . 

72 

28 

— 

— 

2 2 

104 

14CU 

.- 86 


- 

4 A 

232 * 

33 

490 

9 

9 

4.7 

102 

36 

39 

14 

11 

2.0 

54 


94 

- 

6 

0.0 

84 

• — 

— 

100 

— 

4 J9 

- 68 

18 

51 

18 - 

13 

4.7 

94 

€3 

18 

t 9 

10 

.'•4.3 

143 

40 

38 

9 

13 

5^ 

173 

.52 

18 

20 

10 

0.0 

96 

12 

88 

— 

— 

- 6.6 

244 

66 

16 

9 

9 

32 . 

71 

. 14 

. — 

55 

31 


Tbtal Assets 
less current 
liabilities - 
ID 

£ million 

Company 

(2) 

Shane 

Price 

(3) 

pence 

Yield 

(4) 

% 

• Net 
Asset 
Value 
(5) 

pence 

Ge* 

UK 

(6) 

% ‘ 

ographical Spread 

Nth. 

Amen Japan Other 
(7) (8) (9) 

% % % 

Gearing 

Factor 

U0) 

Tbtal Return 
onN-AVL 
over 5 years 
to 31.8.82 
(11) 

base -100 

6 - 

Kirin wort Benson Ltd, (continued) 

Joe Holdings 

77 

6.7 

94 

70 

28 


2 

101 

207 

9 

London Prudential Invest Thist 

119 

6.4 

147 

67 

24 

6 

3 

95 

192 

81 

■ Merchants T-ust 

100 

5.9 

143 

50 

40 

6 

4 

92 

185 

' ‘70 

lizard Btob. & Co, Ltd 
■ Baebum Invest- 7hi»t 

176 

6.1 

248 

59 

31 

4 

6 

88 

175 

54 

BomneyTrust 

Morgan Grenfell Ltd. 

AnglorAmerican Sec. Corp 

127 

4.9 

177 

.38 

40 

13 

9 

94 

175 

119 

340 

52 

200 

52 

29 

11 

8 

96 

181 

• 33 

North Atlantic Sec. Corp 

133 

3.0 

172 

40 

57 

20 

190 

92 

168 

72 

Murray Johnstone Ltd. 

Murray Caledonian Invest. Thust .... 

• 82 

9.6* 

106 

52 

35 

4 

9 

96 

191 

112 

Murray Clydesdale Invest. Tkust 

. 71 

35* 

99 

32 

59 1 

5 

4 

90 

ISO 

30 • 

Murray Glendevon Invest. TVurt 

349 

2.9* 

198 

37 

52 

5 

6 

96 

1SS 

39 

Murray Northern Invert. TVuat 

79 

3.5* 

110 

23 

40 

11 

26 

94 

174 

120 

Murray Western Invest. Dust 

93 

35* 

127 

26 

'63 

6 

5 

SI 

184 

. 136* 

Rivermoor Management Services Ltd. 
Londonlhirt 

70 

7.7 

105 

59 

23 


18 

110 

209 

16 

Moo nude Thiat 

64 

7.8 

80 

54 

41 

2 

3 

91 

157 

44 

River & Mercantile Hurt 

134 

82 

180 

65 

21 

_ 

14 

94 

196 

209 

J Rothschild Invest Management Ltd. 

- RIT and Northern 

137 

6.9 

197 

540- 

200 

4 

220 

71 

342 

30 • 

Ailfia Invest Hurt 

48 • 

55 

59 

48 

33 

9 

10O 

91 

t 

11 

Precious Metals Thist 

88 

0-0 

. 91 

30D 

52 

— 

18 

72 

t 

.17 • 

NM Rothschild Asset Management Ltd 
Equity Income Trust 

345 

7.2 

432 

98 

1 

_ 

1 

105 

223 

31 

• J Hemy Schroder Wagg Group . . 

Ashdown Invest. Trust 

203 

4.9 

280 

■ 54 ‘ 

37 

5 

4 

89 

176 

42 

' Broadstone In vest Hurt 

214 

5.0 

299 

48 

46 

4 

2 

95 

179 

72 

Continental & Industrial Bust 

288 

6.4 

411 

48 

49 

— 

3 

101 

181 

43 


86 

4J2 

118 

38 

50 

7 

5 

95 

179 

110* 

Stewart Fund Managers Ltd.' 

Scottish American Invest Co 

145 

45 

187 

46 

45 

2 

7 

101 

213 

6* 

Stewart Enterprise Invest Co. 

27 

2.1 

36 

65 

38D 

— 

7 

72 

t 

14 ‘ 

Throgmorton In vest Management Ltd. 
x Throgmorton Secured Growth Dust 

168 

_ . 

238 

100 

_ 

_ 

_ 

_ 

152 

39 

Throgmorton Turt 

124 ■ 

6.9 

158 

99 

1 

— 

— 

104 

252 

49 

Tbuche Remnant & Co. 

Bankers' Invest Thsst 

90 

6 2 

123 

71 

20 

5 

4 

99 

191 

46 

Cedar Invest Thist 

113 

52 

136 

72 

11 

5 

12 

86 

183 

21 

TR Australia Invest Thist 

118 

42 

145 

32 

8 

2 

58 

88 

180 

61 

TR City of London Trust 

90 

7.9 

124 

92 

5 

— 

3 

96 

193 

258 

TR Industrial & General Bust 

78 ' 

5.5 

114 

65 

18 

8 

9 

105 

196 

72 

TR Natural Resources Invert. Hurt .. 

167 

5.8 

236 

57 

28 


15 

99 

182 

44 • 

. TR North America Invest Trust 

187 

45 

248 

33 

61 

— 

6 

99 

181 

54 

TR Pacific Basin In vest Bust 

100 

2.9 

146 

40 

4 

46- 

10 

91 

162 

50 

TR Property Invest Thist 

. TRTschnoJogy Invest Thiat 

81 

3.9 

109 

73 

16 

1 

10 

97 

388 

163 

106 

4.4 

145 

54 

29 

11 

6 

95 

204 

100 

TR Trustees Corporation 

70 

6.1 

105 

74 

15 

3 

8 

106 

202 

30 

VALUATION THREE MONTHLY 

City Financial Administration Ltd. 
General Funds Invest Tmst 

286 

4.0 

381 

52 

23 

20 

5 

99 

203 

23 

In vesting in Success” Equities ...... 

East ofScotland Invest Managers Ltd 
Dominion & General Trust 

256 

■ 2.8 

323 

44 

24 

28 

4 

98 ' 

190 

16 

284 

5.8 

369 

60 

33 

4 

3 

97 

176 

42 

Portland Invest Unst 

181 

6.0 

236 

59 

31 

4 

6 

99 

185 


64 

i 26 

2 

8 

106 

t 

HO 

4 

81 

4 

99 

225 

48. 

34 

8 

10 

103 

226 

92' 

2 

3 

. 3 

12S 

241 

55 

•35 

2 

8 

- 102 

• 180 ' 

64 

35 

3 

8 

96 

203 

48 

44 

4 

4 

99 

214 ' 

29 

45 

2 

24 

115 

183 

52 

40- 

—r 

8 

.97 

176 

68 

30 

2 

1 

95 

181 

64 

SO 

•■ — 

6 

113 

IBl 

82 

16 


3 

100 

221 

59 

27 

4 

10 

107 

180 

65 

84, 

•- ; 

11 

109 

179 

59 

38 

■ i# 

10 

96 

173 

45 ' 

42 

• 7 ; 

6 

96 

158 

47 

• 11 

23 1 

19 • 

103 

.170 

35 

51 | 

8 

6 

98 

167 

61 

33 | 

4 i 

2 

101 

387 

99 . 


_ 

1 

99 

220 

60 I 

43 | 

4 J 

3 

105 . 

■217 

100 


' - 

— 

— 

- 195 

57 ! 

27 | 

io ; 

6 

' 104 

193 

51 

36 

. 7 

6 

99 

191- 

67 

9 i 

.8 

16 

• 113 

227 ■ 

90 

2 ! 

__ 1 

8 

101 

233 

>68 

26 

— 

‘6 

94 

397 

75 

22 

_ 1 

3 

95 

207 

90 

6 ! 

, 

4 

91 

- -■ 245 

58 ' 

38 1 

• _ 1 

4 

93 . 

174 


NOTES TO THE TABLE 

t No data. 

x Split capital trust (capital shar**l 

• Appliva In Ordinary /"A" Ordinary only 
s Does not include special dividend. 

O Mora than one quarter in non-equity investments. 

• More Own 20% in securities or other assets 
- .indudedat directors' valuation. 

ac Adjustedfor scrip issue. • 

■r Adjusted for right* issue. 

(s) Cob, 1, 31o 5 Figures supplied by WtxxJ Mackenzie- 
ft Co„ members of The Stock 
Exchatge. 

Col. 1 to nearest flm; Cob, 3 A 5 to 
neared penny per share. 

(b! Cols. 1,5 Statistics simulatad to date shown 

based on IS test valuations supplied 
. . bjrthe companies and nudeavouabje 

to The Stock Exchange. In these 
valuations listed securities are 
valued at mid-market prices and 


unlisted at directors' valuation. Alt 
revenue account iledw are excluded. 

tc) Col-4 Based on last declared dividend- or 
firm forecast, plus tax credit, to 
nearest 0.1 percent. 

(dlCokStoV PMntu(* of total assets less cur- 
r»l liabilities. Currency balances 
are allocated to the relevant geo- 
graphical sectoc 

(e)CoLlO TTie gearing factor indicates the 
percentage amount by which the net 
met value per share would rise if the 
value of the equity assets increased 
hy 100 per ceriL Further explanation 
is given in the booklet Investment 
Dusts today! 

(0 Cols. 5, 11 Prior charges and preference share 
capital deducted at market value: 
convertible stocks deemed to be 
converted; warrants treated ag not 
exetrised. 


INDICES OF FIVE YEAR 
TOTAL RETURN 

GenexaTDrufit Average 1! 

EL -Actuaries All Share 21 

•Standard A Poors Composite 1, 

•Capital International Woritl 1 

'Adjusted for exchange rate changes. 


(g) Col. 11 Figures supplied by ATTC Statistics 
Service, to nearest one per cent. A 
full description of the information 
shown in this column is given in the 
Investment Dust Year Book. In 
summary the figures show the per- 
centage changes in the net asset 
values over the period assuming that 
dividends paid, excluding tax credit, 
were reinvested in the underlying 
assets of the company 


EXPLANATORY NOTES 

Use of total return statistics aad care in interpretation 

The total return statistic, which aifiuste the net asset values for dividends, 
excluding tax credit, distributed daring the period, enables companies with 
substantially different 'capital growth and dividend policies to be more fairly 
compared- A period of five years provides a good indication of trends in normal 

. aremnstanoes, should cover a traditional bull and bear market in the major stock, 
markets. 

Each total return figure; is indexed Erma a hart of 100 at the eoinroencBment of the 
period and records the movement betaren two particular dates. Any particular total 
return figure may thus be affected by exceptional factors, operative at either the bare 
dale ot at the final dale, which were influencing tbe stock market generally « ft 
sector of tbe market in -which the company was interested. The gtxgrapbical 
distribution of a particular corn ptmy’s portfolio and whether it has changed its 
investment policy should be amaaered in assessing iu relative performance. 

• While the total return statistic, ifused with cam, provides a valuable guide to part 
experience which can swift comparison of one company with antrthe*; or the trust 


movement wUh'othsr investment media, it should always be borne in mind that past 
performance is not necessarily a guide to future athfeinment. 

The total return statistic for split capital trusts is not comparable with that fin- 
other companies because of the difference in capital structure. The split capital 
trusts have therefore been identified in the DiMe and are not included in the General 
Rust Average index, figure. 

Calculation of NAV 

In ardcc to avoid a plethora of figures and to facilitate comparability the statistics 
ofnet asset value have been cakaitewdon a uniform basis which may: in the case of a 
particular company, differ from the corresponding figures in its Annual Bepott and 
Accounts. 

Tbe net asset value « calculated on tbe "anng eonoBti 1 * basis, ie with prior dmgra 
deducted at market value, as it is believed that this basis is the most widely accepted 
for comparative purposes. 



Investment 
Trusts 
today 




Our explanatory booklet for private investors and their advisers 
is now available free of charge from the address below 

Tbe graphs and data sheets demonstrate bow important it is to 
consider Investment^ Thusts if you are seeking income, capital g ro wt h 
or a successful combination of both. 

Send today for your free cops 
lb: The Secretary, 

Hie Association of Investment Trast Companies, 
FREEPOST, London BC2B 2JJ Tel: 01-588 5347 
(No stamp required If posted in the XJK) 

copy/copies of “Investment Trusts todays 


Address - — - — — ■ — ■ — 

If you are an in v e stm ent ad visit; pirate indicate your profenaoa; FT259 

stockbroVxr Q accountant [Jj solicitor Q insurance broker f , banker i i (please tick as appropriate) 










AUTUMN EXHIBITION 

SOUTH OF FRANCE. COSTA DEL SOL, ALPS, ALGARVE 


tlYDE PARK HOTEL. WWW? ON 

Thursday. 30th Septwnbor & Friday. 1st Octokrer 10.00 ton to 0-00 pm «nd 
Saturday. 2nd October 9-00 «n te 4 JO pm 
MIDLAND HOTEL. MANCHESTER 
Wednesday. 6th October 10.00 am to 8-00 pm 
We invite you to discuss with our Directors end Principals the best and 
most prestigious leisure estates in she Mediterranean and the Alps 
Montpelier- lnternatiornil is the first name m leisure property; our reputation 
and standing across the world means f/wr we can cfwoye to repiesenc 
only the very best investments 


Enquiries to 1* Montpelier Street. London. SW7 - Tel: ^ -589 3*00 
Manchester. Room 2333. Royal Escnange. Manchester 3 - Tel; Qol J434 s»6 


■ ^Cfmtp(iur]nlmuilknw/ 


SOUTH of FRANCE 

PORT GRIMAUD 


ti you look for the best in life and a quality investment find Them at 
Port Grimeud. world-famous marina village in Provence 


A pan mem.? in the Place du Sud from C30.000 
Apartments with pnvata mooring from £57,0C0 
2-bedroom Houses witn private mooring attached 
to from garden from £96.000 


FULL MAnlNA FACILITIES - POET AUTHORITY ETC 



LES MASSANES DU GOLF ST. TROPEZ 


Overlookmq the bay of St Tropei 3 kip from the old town at Cogolin 
and within 2 km ol etcellen: sandy beaches, superb apartments and villas 
of excellent construction Occupancy dare June 1383 
A it incline stage payments 
Studios from £34.000 
1-bedroom apartments from £36.600 
1- bed loom villas Irom £33.000 
2 Tennis Courts. 3 Swimming Poofs and Clubhouse 



PORT LA GALERE 

“ P1EDS DANS L’EAU " . 


Architectural vjorfc of art absolutely exclusive to members, with marina 
facilities and chic clubhouse tor rhe world's most elegant people' 
Charming Mediterranean creeks and hid fen beaches lie waiting for you 
at the edge or a vast "secret garden." Palm trees, pine, a fragrant 
garden with exotic flowers and rare perfumes 

Full management including restaurant service to individual apartments 

4 private beaches — freshwater and salt swimming pools 

ISO berth marina — Tennis Courts — Set in garden of 23 hectares 


LAST OPPORTUNITY TO PURCHASE FEW REMAINING APARTMENTS 
AND VILLAS FROM £75.000 




m m 


SWITZERLAND 


A secure and sound investment in both property and IHe style 
Internationally still the best 

VILLA RS TOP CLASS SUMMER ft WINTER RESORT 
Beautiful wood iimah chalet apartments. Spectacular views. South-facing 
Located in private estate close to.th* centre of town end sport* amenities 
Panoramic views 

1 -bedroom apartments from SFr 133.000 
2-bedroom apartments Irom SFr 282.000 
UP TO 70 *a MORTGAGE FACILITIES AVAILABLE 



BRITISH WEST INDIES 


GRAND CAYMAN 

Live tax liee on an idyllic island, your own piece of paradise in one ot 
the worif's mosi favoured places — luxury apartments designed by x Dutch 
architect. Direct access and views over beautiful white sandy beech 
stretching for 7 miles — Prices from USSI 75.000 


Benehr from the stability end socunty of being a Crown Colony and 
the advantages ol stringent banking secrecy laws 


Brochure and details from: 

17 MONTPELIER STRffiT, LONDON SW7 01-589 3400 
MANCHESTER 0*1-834 3386 BAHRAIN 271184 


MEDITERRANEAN 
EXCLUSIVE ISLAND PARADISE 


Cavallo between Corsica and Sardinia 
is one of the most beautiful and 
unspoilt islands left in the world. 


Several Rustic- style 1/2 Bedroom 
Bungalows will be available at 
prices from FF 1,265,500. 


Permission has been obtained fora 
Village Complex to be built around a Marina. 


Apartments from FF 489,000 


For further information 


116 Kensington High Street London W8 7RW 
Telephone: 01-937 7244. Telex 8955820. 



SC Matthew'* Lodge, Oakley Square NW1 
Attractive studio units, fully fitted 
kitchens with Zanussi cooker, fridge/ 
freezer, washing machine. Full CH, 
double glazing, fried carpets, 
concealed double bed- TV security 
system and porterage. Low 
outgoings. From £34.000 for 125 year 
leases. 1 and 3 bedroom apartments 
also available. 


GaSans ;V 


limited 


Corliau Until ed. Girfiam House, 
WBlificW Way. London NWU 6YA 


j Call and see for yourself next time you're waiifidd way, London 

\ in London. Show apartments are open 

12-6 Mon-Fri. 11-4 Sat A Sun or phone for brochure (01-330 0262). 


St.John's Wood, NTV8 

NEW LUXURY FLATS 

FOR SALE 

lOpp-Hq**.! 

2 *L 3 Bedrooms £79.500- £114.500 

• Close Lords & West End 

• Folly equipped luxury kitchens 

• Individual gas CH/CHW. 

• Ideal Company purchase 

O Low service charge 

• Lift 

• Entryphone 

• 99 year hases^— W.V } 


loim Sole 
Agent*: 


TaybrRose 


Portland House, 1 
St Ann’s Terrace; 
NW8 

.Corner CctlB Ro*T 




Surveyors 

27 AJbemarte Street 
London WtX 3FA 
Tel 01-492 1807 


‘Surveyors 
6 Grosvonor Street 
London W1X OAD 
’Tei 0i-e20 sin 


PROPERTY 


Living high on the heath: 


in London’s prime village 


BY JUNE FIELD 


■ IN' 1901. Hampstead households 
; were said to possess the highest 
j ratio of servants. SI per 100 
i families. Then a fashionable 
j village on the northern heights 
• of London, less than Bve miles 
j From Charing Cross, now a 
| bustling suburb in the borough 
j of Camden, the social cachet 
! remains, even if with today's 
! labour-saving devices the need 
! for outside help is less. 

j Near Hampstead Heath — 
originally preserved from 
further development around 
1871 when the Lord of the 
Manor. Sir Thomas Maryon Wil- 
; son was prevailed upon to hand 
: it over for public use — is a par- 
ticularly desirable area to live: 
i‘“The undulating country is so 
| full of variation that you find 
' nearly all the outside effects 
1 that .European painters have 
! depicted.” wrote Danish archi- 
; tect Steen Eiler Rassmussen in 
' London the Unique City, 1934, 

; just republished in a revised 
[ edition in English by MIT 
j Press. “In the damp atmosphere 
1 of the twilight the mirror of the 
( Hampstead ponds behind file 
I willows look just like a Corot." 

( Among .the famous names 
recorded by Ralph Wade in 
! The Plaques -of- Hampstead. 
( 1980. is John Constable {1776- 
i 1837), who lived ot 40 Well 
Walk. Another plaque to the 
I painter is going up in the area, 
j organised by the Heath and 
I Old Hampstead Society, record- 
I ing that Constable's view from 
{ judges Walk, which shows the 
j Heath. Branch Hill Pond, and 
Harrow in the far distance, was 
! painted near a house called The 
i Salt Box. West.. Heath. Road, 
j (The work is presumably 
! “ Hampstead Heath . wiih the 
House called the Salt Box,'.' now 
in the Tate Gallery). 

This house was ’ replaced by 
The Grange, a i906 gable-ended, 
tile-hung dwelling, home of the 
i late Victor Henry Inman, Bond 
Street shirtmaker and local 
magistrate. This- house has also 
been demolished, so the plaque 
will go on The Grange site 
which is now being marketed 
as “ the most exclusive new 
housing estate in Britain.” . 

' Barra tt Central London, who 

I bought the four- acre- site at 
tender for a reputed £1.6m 
through Knight Frank and 
Rutley’s Sloane- Street* office this 
time last year, is building 23 
houses designed by "architects 
Ted Levy Benjamin and Part- 


ners in rhe pretty tree-lined 
grounds. Only those buyers in 
the £355,000 — bracket should 
read on. because this Is the 
lowest price of the five-bedroom, 
three bathroom, four living- 
room homes .equipped with 
every amenity for luxury 
living. 

For that price you get a 
whirlpool bath in the main 
bathroom, and novel little 
extras such as “planter boxes" 
over the top of the concealed! 
lavatory cistern: the boxes 
simply lift off in the unlikely 
event of the plumbing needing 
to be attended to. The gas cen- 
tral heating has eight pro- 
grammes plus “boost” and frost- 
protection thermostats, and 
there is an open fireplace in the 
main 23 feet long by IS feet 
sitting room with its lofty wood- 
lined ceiling. A 10 feet square 
"snug” area leading off down a 
few steps, is for tucking your- 
self away in to watch television. 

The comprehensive security 
package includes two entry 
video-monitors linked to a tele- 
vision camera within the front 
entrance area; there are case- 
ment security locks on the win- 
dows. and a “panic’” button in 
the main bedroom by the bed 
sets off a floodlighting sy stem to 
proride what the sales brochure 
terms as “immediate visual 
awareness." 

Th« stylishly furnished show- 
house bv HeaTs. appropriately 
called “Constable" incorporates 
a keep-fit room on the ground 
Boor, next to the double ga rage, 
complete with - sauna and spa 
bath. Or the area would make 
staff quarters. To. buy this ver- 
sion with the carpels, curtains, 
cushiuns, blinds, specialist wall- 
coverings and units plus 
sophisticated kiichen fitments in 
a smart silver-grey finish, costs 
£470,000 complete. While T was 
there a Swiss businessman 
showed what Barratt Central 
London managing director. Mr 
David Pretty, called “keen 
interest." and already three 
subjetM-to-conTraet sales for com- 
pletion early next year have 
been made on the other houses. 

He says: "We expect to sell 
at least half to British buyers 
with the balance to perhaps 
British-based executives from 
overseas." For a brochure con- 
tact Mr Pretty, Barratt. 1 "WiUon 
"Road, London, SWT, or call at 
the showhouse open seven days 
a week. tl-8. . „ 

You could pay in the region 
of £325,000 for a house in 
Church Row. one of Hamp- 


Q, 


— ~ Gardens 

oftheswalhws 

MarbeUa 



Simply the best 


For less than the cost of 
500 nights at a West End 
or Mayfair Hold, your 
Company could buy a 
brand new, ready to 
live in apartment with 
private parking bay. 
Close to Regent’s Park 
and Euston Station. 

Watch your investment 
grow whilst enjoying the 
benefits of a London base. 




— i< 



Elegant beachfront villas and 
apartments in extensive 
landscaped gardens 

Spacious, luxury finishes, all with 
■ sea views and balconies. 

All the amenities of the newly 
renovated five star Don Carlos 
Hotel 

££> 500m of fine sandy beach, . 

Superb sporting facilities— 
swimming pools, 11 tennis courts, 
windsurfing, horse riding and use 
of two of the best Golf Courses in 
Marbella, 

J (£> Ibtal Management Rental and 24 
Hour Security Service. 


Presented by 

Montpelier International 


For full colour brochures and details: 

Mmtpdier international 17 Montpelier Street London 
SWT.Td: 01-5893400 or Manchester: TbL 061-834 3386. 
ibu are invited fo a presentation and exhibition on Las 
Gdandrinasat the Hyde Park Hotel London on 30fh 
September. 1st and 2nd October and at the Midland Hotel 
Manchester, 6th Qclobertf0am-8pml 


Humberts 


Buckinghamshire 3 acres 


Canards Cross 2 miles - Slough A M4 4 mites 
Uxbridge A M40'S'milts 

AH cSTABUSritO HIDING SCHOOL AND EQUESTRIAN CENTRE 

2 roily aquippad indooi riding schools. Offices and hall ol reiidenM - 

Loci ura room. Forge. TacK room. 4Q boxes or scafts 

Modernised cottage with Separate access 

FOR SALE FREEHOLD AS A GOING CONCERN 

Do tails; Humberts Lurid plan (Land Use and Leisure Industry 

Consultants) Tel: 01-2423121/0998 

' (01 /M022JRAHSI 


SOUTH CORNWALL 

South aspect & Rural Valley-views 
(ram excellent det. bungalow on 
viliuga fringe .Truro/Falmouth. 3 
double beds (wardrobes), bath Bnd 
sep. wc. lounge, dining, large kit. 
Gar. and car port. Greenhouse and 
colourful sunny ..gardens. £42,750. 

Ref 1 428 



. S Lincoln's Inn Fields. London WC2A 3DB 
Telephone; 01-242 3121/0988 Telex; 27444 


POOLE. CANFORO CUFFS. A large 
detached character recdanca rogulrinn 
renovation in ao «XCli«lw: aeciuOal 

.^^•«8. p Sr f S uetfan^So 0 t5£. - 

■day, IJtft October. .1982, _Fa ll accalll 
Goadibv & Hart I do. Bounwmonth 
I02DZ) 296771. 


Fiiwnciai Times Saturday September 1&S2 


<L : ii 


stead’s chief glories, an almost 
completely preserved early iSih 
century terrace near the church 
where John Constable is buried. 
As Clive R. Smith observed in 
the recently published Hamp 
stead As l: Was. which shows 
a 1909 photograph, there is 
“thankfully very little change, 
apart from the parked cars and 
the absence of maids cleaning 
(he doorsteps." Number 9 with 
six bedrooms, three bathrooms 
and a self-contained basement 
apartment with a wine cellar 
and walled garden, is being sold 
by Lord Ravensdale, better 
knows as author Nicholas Mos- 
ley. (Brochure Miss Stephanie 
Blues tone. Chestertons. ZB, Clif- 
ton Road, W9.) 

A five-bed roomed. three- 
bath roomed house in Wilming- 
ton Road. M2, leading to Hamp 
stead golf course, one of the 
roads known, with The Bishop’s 
Avenue es ‘’Millionaires’ Row." 
could cost nearer £2 -2m. Mr 
Nick Underhill of Hampton and 
Sons’ Heath Street office, told 
me he had already had a dozen 
inquiries for one in that bracket 
which includes a swimming-pool 
with a wave-maker as well as a 
sauna, and is for sale now. He 
also reports considerable 
interest in 59. Heath Road. Lord 
Beaumonts handsome 1930s 
house, now vandalised, which 
Allied Properties bought for 
£l*m. The house is to be 
rstored. and seven £|m houses 
build in the earden. And Temple 
Hill House. Tenrplewood 
Avenue, a neo-Georgian house 
in 1.3 acres built in 1913 by 
architect C. H. B. Quermetl, and 
until recently used a*? an 
annexe for Chari ns Cross Hos- 
pital. is under offer in the 
region of £flOfl.nno through Mr 
Jonathan Morton. Weatherhall 
Green and Smith. Chancery 
Lane. WC2. 

There is no doubt that 
developers are moving in to 
mop up the choicest land near 
the Heath. Adjacent to The 
of Spedan Tower (now 
Grange, the four-acre site 
demolished), ihe one-time home 
of department store head John 
Spedan Lewis, was bought from 
Camden Council by Bubhatir 
Investments UK for £2.5m, Mr 
David Frost. Anseombe and 
RinglamTs Heath Street office 
told me. He will be marketing 
the 48 houses and apartments 
planned to be built tbere next 
year. 

■The -ponderous, king-sized 
residence will. excite admiration, 
amusement or indigestion 
according to how you view 



,plCb 

«iUP s 


- t l £ ; 




' **r*y f. ^ 



The * Constable " showhotne at The Grange, West 
Heath Road, named for the artist John Constable 
who is said to hare painted his view from judges 
Walk near the Site. The S-bcdroom, 3-bathroom 
houses designed by arc hi tect s Ted Levy 
Benjamin and Partners, are from £355,000 to 


£470.000 for tit* showhouse with Its extras. 
Brochure from David A. Pretty, managi n g dhwete 
Barratt Centra) London, I Wilton Road, SWT . 
(07-630 5721} f orat the house open mtco dap « 
week, 11-6. 


things." is how Ian Nome des- 
cribed Fitzjohn's Avenue in 
Hampstead. Highgate Village 
and Kenvrood, 1977, which I 
bought at the local High Hill 
Bookshop. This wide tree-lined 
road built in the 1870s to link 
Hampstead with Swiss Cottage, 
still has a selection of massive 
Victorian Gothic bouses some 
originally designed for artists. 
Architect Norman Shaw built 
No 6 for society painter Frank 
Holl. and No 61 for Edwin 
Long, and T. Green created No 
75 for Paul Falconer Poole. 




Probably the most dramatic 
building is the Tower. 55. Filz- 
john’s Avenue, a tall red brick 
dwelling designed in 1SS0 for 
the wealthy Herbert Fleming 
Baxter by J. T. Wimperts. Left 
derelict a few years ago, it has 
been extensively restored . and 
extended since it was bought 
on tender in October -W78. 
Architect Kr Ahmad Faroug- 
hizedah has carried out an. ex- 
tremely imaginative conversion, 
retaining most of the period 
features such as stained glass, 
art nouveau fireplaces, shut- 
tered windows, ornate ceilings, 
and a wealth of carved wood. 
But be warned, lofty tower 
roams. bed-?aUeries, and spiral 
staircases are for the adven- 
turous who want something 
dramatically different from' a 
traditionally designed home. 

After a few months on the 
market two apartments have 
sold, and priggp have , now been 
reduced, with a one bedroom 
balcony unit for £47,500, two 
bedrooms for £83.000 and a 
turret— penthouse with views 
practically to Heathrow on a 
dear day, £220,000. (Details 
from Mr Tim Pearse, Hampton 
and Sons, and Mr Stephen 
Stamp, Anseombe and Ring- 
land. both jn Heath - Street, 
NW3). 



nj ami r 




The Tower, 55 Flfctjohn’s Avenue* Hampstead, NW3, built m 1880 
for Herbert Fleming Baxter, has been extended and converted into 
10 unusual apartments, from about £47.500 for a 7-bedroom balcony 
unit to around £220,000 for the 2-bedroom, 2-bathroom turret- pent- 
house with terrace and viewing gallery. Details Stephen Stamp 
Anseombe and Rlngbnd, 55 Heath Street, NW3 (01-794 7151), or 
Tim Pearse, Hampton and Sons. 21 Heath Street, NW3 (0U* 

8222). 


iv,«g 


St. John's Wood, London NW8 

close to Regent's Park and the Wfest End 


... 


mates. 



■m- 





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anyway, the dates? were wrong. 
The ; next can . came- from 
Blandfbrd Eonuh in • - Dorset 


^ down in order to ©Eohange keys 

—very pleasant it was too— end- 
off ire jolly well went and bad a 
great holiday. (Beware of 
French ' deckchairs — Judge's 
Second Law.) 

So what are the wrinkles In 
. -tile scheme ? One point to make 
■ xight at the start ds the impor- 
tance of checking on the sort of 
th in gs, nearest your heart on 
holiday — for instance. If you are : 
among those mad people who 
actually like picnics you might 
find yon have to take your own 
. equipment ' The second impor- 
tant point is Oat you and your 
swapper make the arrange- 
ments and there is no Associa- 
tion of British Travel Agents to 
fall back on if Hungs go wrong. 

or. even to a house In Las Vegas ) Obviously the more correspon- 

- from. “Web was tied into ktereO: and • ' ~ denc e the better and It is easy 

Dorset cotoise,. 1 a. pool. Then* . to e xc h a n ge ref fences. Insur- 

•haage. there was the opitfion on Karefe • : ' _ • ance sfcouSdn’t pose any prob- 

l mind- hi- eastern. Einlfflid '{there most F on * - Foam. is- :OTnc*d - France and O tells people in #3 lams as the ordinary household 

Holiday he something to he saM .for on- oepause^ to 'its. code you describe countries that you are, adven- cover continues although it 
” . site SibeUus); a flat in Grenoble ■ w “ a * have to offer, how., tiirous yriH-goenywhere types, seams that car swapping is not 


• "T9IS JS Stuttgart,’* «aj£ ; the^ — “ — — 1 ‘ — ; —v— * . 

- voice on the. ‘phone at.ft^0~on-' . TDAVCl 
a Saturday *.• morning in' I ICMVtJL 

Kebrawy. Sttrttgart?. • 

■Then, the pfenfdg drnpp&k of' JUDGE - ;1 . ; 

course,' we had detided to tiuf ■' ' L| " 

-oor house in a .-list of swaps last, 

November and here Vas a • \ 

. .German family: fast off the mark- the U-.S. we could have 1 gone to 
with "the . flfst: ; Isshe of the Florida; UassacHussetsr' ' and 
booklet. We- ■- didn^t have C*Uf°niia to say nothing of a 
Germany on' : oar minds- and ^ aIe enquiry from New . Yoric, 




suggesttag v ari:Eastec eacfliaMe. ?*^^the:opilfion on Kar^ , • v 

•A .good idea ;to -hear in . mind - eastern. finland '(there most P 011 * - -. ®. Is : fitted - France and O tells people in #3 


The Ford Slen»-tW 5 b A» Ghia version-u as advanced. in styling as the Cortina had become outdated 

Ford* s futuristic styling 


hut we had A 'longistt holiday ®„® something to he said .for un- 
to arrange. **■ •*• "' site Sfbeihis); a flat in (SrenobJe 

Several reasons made hs look.- c ^ er to Hie mountains, 


many there are in the family 


ee are _ 

•jnttT’ST - mTV' S^ S''* eotiagein toe Stack-Forest or **** ** where you wotdd changers” ' panics, to general the“h^ 

houses in the summer: NAbv a I^Hiday.feonm'-in.Calabiia- • ™ 8°- ABd so. do all lie Between February and June holder pays the gas and electri- 

Clarke; - an 'FT . edUeagn&- bad ' IE Was -a window on many Qjger excbangers. lt is rasy; to we traded Infonnatioar with pur city bills hut tong-distance 
Hari - »Knu worlds and. invniwa -lun-Mnn toMww the instructions and there ees: Fred, the disUmBflher. we 't/bone caMs are flho rwnvmn. 


“experienced 


fearfully popular with the com- 
panies. In general the faouse- 


Be tween February and June holder pays the gas and electri- 


mstructions and there ees: Fred, the dishwasher, we "phone cafts are the restponsi- 


uau till CG AUU.C35IL11 ~ Slim — aurvaveu. irilLUJtf r_. _ *#. » M . • . - . . _ “ _ “ ■ » " - — — — — w — w tuc 

ventures, - going ' to . Holland; JSome 30 -letters - of -regret • 2f- 7 i~T^. c ^. r . m Wiuch said, worked best when given a bility of the guests. 
France and. Denmark wfth "hti because by : mid-February we 1Ist “ I . e attrac 5.P DS of your httle pat on the left side of the It is reasonable to 


France and. Denmark wfth ‘his because by: mid-February we „ . - — i,-- -7 — — *— * « — —*• . — — >.« »inn iu 

family; we had had several' taken the plunge. We were ”?T e JS®. *?*?• *?■“.' “• B w» door as it was closed and the be done-by-as-you-did so the 

happy hols - renting flats or Eoing to spend July in ahtfi- m .°“ en P sed c “ ttaxe ’ .«d»matic coffee percolator civil thing is to leave your 

studio apartments'!' in - slightly - house hear -Toulon and our x - daJes rrvers and abbey s ... worked fine so long as the timer ' holiday home neat and dean. 

es- and, as «aests would leave their main .® r - . E^.to exSdore was moved to “hold” at the Ihere is a fringe benefit in 

d rioomily honie in: Orleans for the month 1,16 subscription was appropriate moment — little swapping bouses, apart from the 

stay away’ in. our London terrace. things like that In return we gpt rent-free holiday. All ftose 

tel, would The' mechanics of the nnera- The E^neClngual abbreviation directions for finding the house, Httte jobs that get put off soane- 

im." Swap-- tion^ FoUewuw m covers a muttitizde of how to- turn on the gas and mind how have to be done — we've 

‘ 'VlrtuiUy footfstens;- .wTrae? -IntBrv* Points:' 'mk, for .instanbe, fe a 1 * e lH « Iip ^ yon^rnm. the car now got a mended lampshade, a 


expect to 


door as it was closed and the be done-by^as-y ou-di d so the appearance as they are under 
— ’ — — - 1 the sheet metal. The Sierra 


possibly in- a - hotel, would 
“ involve a -capital sum.” Swap- 


ping houses 
nothing. *• 


A LOT of people say that all 
cars look the same nowadays 
because they are desig ne d by 
■computers. The Ford Sierra 
and Citroen BX prove th»t they 
do not. 

They are computer-designed 
all right but as different in 


MOTORING 

STUART MARSHALL 


dynamic drag figure 22 per 
cent better than the European 
average will be joined by a 


out of. the way places; and, as Snests woiud- leave their main 
-my husband remarked gloomily, home in: Orleans for the month 
a 1 longerthan-usual stay away, hi .our London terrace. 


moment — little swapping bouses, apart from the 


__ , _ _ — MTV4«*t I* uc JlllUCU uv a 

steeI ' nice-looking estate car in a few 
P ^ dEW ^ S V spe “r weeks ^ b - v a three-door 

SIDll TlOf UnlilTf* a nnmfllfa'e nni9 V A 1^LL..L VTI< . _ 1 - 


The' mechanics of the opera- 
tion'? Following in Nobby’s 


costs vlrtuilly: f oatfsteps/ we - imed ■ Intervac 


In the event,, we had nearly has over 5,000 swappers in 30 
40 enquiries. They came— some countries, many of whom are 


wtuch^ started in 1963^ ^ and.' now ‘ n»>derii : kitchen, fn equals, 
hag over 5,000 swappers in 30 friendly neighbours, es stands 


things like that In return we gpt rent-free holiday. All ftose 
directions for findin g the house, Httte jobs that get put off some- 
how to- tom on the gas and mind how have to be done— we've 
the hump as yon .turn, the car now got a mended lampshade, a 
into the gates. (Every cooker decent toaster and-space in the 


sion not unlike a Granada's and 
a rounded five-door hatchback 
body. The Citroen has front- 


hatchback XR4 a little later on. 
RX4 is the only Sierra that 


wheel ^cpiTwSJE': wiU have the 2B litre fuel injec- 

hy^JSSc JS 2 ES 5 S wiU r 

stvlinfir that whil^ nnt Yuithmit ovbt 125 mph slid it must surely 


ever made, gas. electric or solid 


fuel, has its own idiosyncrasies among other things. 


bedroom cupboards, 


for convenient shopping and pc . and French ones have more 


• Intervac, at 6 Siddals Lane, 
AiSestree. Derby, will give you. 
a lot more guidance with, the 


the way subscription form. 


Round and round 


roses 


ROSES HAVE- been behaving 

vpry erratically- recentty some AannCMlMA 
producing their main autnmn- -. uAKDbIvING 
flush^of flower, well, ahead, of !-. 

time, others behind schedule. No. .... ARTHUR HELLYER 
doubt' the very tm'evenly distri- '■" ’ •• 

bated rarnfaJl accounts in part 
far this. My own Sussex garden . . 

u> rapidly, becoming seriously and- H Spec^ - and. Anna Ford. 

ilnr urtfh losirec on enmt tr»M r -™ ula r “‘“t 




dry with leaves on some trees 
shiveHing and falling : before 


another “patio” rose, r this one 


.they have had a chance to pro- with bright orange flowers and 
duce much autumn -colour but red-veihed. leaves. 

SJw 2*1 5S » won the PresidenTs Inter,- 

standing- up .to. the strain well. nationa |- Trophy in 1981. a 

No doubt it was such diffi- mtique achievement Sor such a - 
culties as these that accounted snail rose. Such roses must be . 
for a rather thin Boyal National Mm 3 fw small beds and plant 
Rose Soeietv Show in London containers but 1 think 2 would ■ 
last week blit qiudity was excel- J* 6 ? /tfiem ; apart from large- 
lent and there was plenty , to in- flowered, roses. ... 
terestjisitpm^ii^Jnga .di± 

Siw Hie year" is «Hfc yeBow 

JE. cluster .flowered MountbaRra 

' from ‘ Barfcnees ■ of Hitchen 
soaety-s garden at St AJbans. raiser of Anna Ford. It would 

At this la*e season it is rm- he difSculr ■ to im agine two 
possible that aril these new- roses more different in habit, 
comers can do themselves jus- - Anna Ford neat and compact, 
tice but the display does give Mountbntten almost a' shrub 
a good idea of the variola direts rose, certainly a good 4 ft telL 
tions in which rose breeding is It remmds^me very much of 


iff - 

I'., . v »- _ 

i- # >* v 

?S. ~ .-r- -’ . 

^ ■. : 

i ?^ r ’ v» _ -y. . !y 
•rLt's-". ' 


Mount batten rose 



heading at the moment 

When I visited tin 
ground in July T w 


ie moment : Gardeners Sunday another- tall 

. yellow rose from the same 

visited the -tael breeder which failed to get an. 
July T was rm- award in the trials .a few yearn 


pressed, by. the numbe r of very a g tt but has proved very satis- 
promising roses of extremely factory in many gardens.* 


moderate height. , ’ something 
iierween li and 2 ft. Some 


Coming bade to the 1982 trials 


tturservmen are setting these as it is always interesting to see 
'“patio ‘roses,’ 1 nrtt'an offlcielly what has won the Henrv Edland 
irecoenised name nor one 'for Memorial. Medal for the m6?st 
!which anv Ann description fragrant rose on trial. This went 
l exists though all -are duster- to Paul Shirrille. another Harik- 
i flowered and a few have small .ness hrtroducton, a cluster- 
> rosette flowers In large trusses flowered variety with -very 
: iikp som e nf the old-fashioned shapely little pink and yellow 
i ramblers of the Dorothv Per- flowers, 

' • Ma?** * was the day fit was 


THE PURSUIT OF EXCELLENCE 
IN THE COTE D’AZUR 

VAL D’AZUR 

The peace and quiet of your own villa /only minutes from Cannes and Antibes 

VAL D'AZUR — A beautiful 280 acre park estate with excellent management and 

rental potential.. 

Facilities include tennis couris. swimming pools and 18 hole ,golf course. 


i STUDIO VILLA piini 3P VILLA L 1 3P VILLA I 

| - From FF298,000- From FF450^00 From 10=650,000 

AUTUMN PROPERTY EXHIBITION: Hyde Park Hotel, London, 30th September, 1st & 2nd 
Otcober, 3rd November (10 am -S pm). Midland Hotel, Manchester, 4th October (10 am -8 pm). 

37 MONTPBJER STREET, LONDON SW7 ^ 07-589 3400 
MANCHESTER 061-834 3386 BAHRAIN 271184 


MINI 3P VILLA 
From FF450,000 


bot afiddhyKma^e rit was. me 
iTcritnson rose with medinm-sire rpse 


about 2* ff 

SLIT*' fl0W9<I,B *" 

the trial ground. ... Trial Ground '.Certificate last 

It must have gone on perforin- year bo comment was made 
ing well for the judges awarded about perfume. Bui whatever 
It the President’s International the final . verdict on this point 
Trophy as the best new seed-, there is' no dojibt at affl that this 
Hng rose of the year. One : is a very pretty rose. 

Kp«t who^hadjb^rvedjt - ^ scem ^ of the 

STimTJTSSd awaid _whmers was Keepsake,. 
^1-hLiTth ^mildew 3 bi K cerise rose from 

It in the' old Eden Rose- 

STi J. Aw* tradition. Some will consider 

w ^‘ Korp ^ n _« the colour a trifle harsh but I 

n Eke it in the right setting; which 

rjss &***..« “ 

indioaies that it was raised, by tme T 7 * 


LINCOLNSHIRE 

A SOUND AGRICULTURAL INVESTMENT 

10 HOUSES & COTTAGB 

EXTENSIVE MODERN BUILDINGS. PRODUCTIVE ARABLE LAND 

ABOUT 1,474 ACRES 

- - - Lai under a aingla (errancy and producing 
£43,428 ju. 

FOR SALE BV PRIVATE TREATY 




Kordes in Germany. 

Under the currently agreed 


Most new roses start .as seed- 
lings; a- veiy -few occur as 


rules of garden rose nomenela- colour sports on existing roses, 


appear on the nurserymen’ s will produce flowers-, of- a 
label even when.® garden name different onflow and, * growth 
has been added; so it reafly is buds are taken from this stem 
worth making a note of it now and budded on to rose root 
so that you ran identify It When .jMctaJta ordroy. w, ft 
it is available for sale' to a yew is Hkriy that they w«i jirodoce 


Thd cRsn uwu, Middui Aston, Oxford OXS 3PX - Tel: 08$9 40596 


KNIGHTSBRIDGE 

. - ■ PENTHOUSE WITH GARAGE 

London ■ most «xdu»hro cenirvl Jocerion. 4n o purpoM-bullt, preetigt blade 
■ih/stad in S Mrdw square Bdiaoani Hyde PsA. 5 bade. 30h 2 

baths, doaks/wc, klt/braakfaBi rm, maid a rm. Jieatad lock-up garaoi olua 
Mr ta tinlformad pomrs and malntananc* staff. lift and 

sannea lift, cantral heailnfl. chw. doubla glazing. Naur 7 yaar laasa (rannr- 
aUa without premium), rent £7,250 pa. Price: £65^00 or offer to include 
tarpara. curtahra. aj! equipmanc. Hgh tA. etc. aw. for immadiata occupation. 

THj 01-235 5828 / 01-238 2575 INC. EVBJINGS & WESQENDS 


w w> plmrts with flowers of titis new 

Such delays to getting new 

roses ftwn the experimental to • & *ow L’Oreal Trophy ; 

the marketing stage are danost arose, .a bud sport from Alex- 
inevitable with the traditional ander from wtodi it differs only 
method of propagating roses by- j n haviug clear orange instead 
budding to summer outdoors on- ^ orange-scariet flowers: It is 
to root stocks. The whole pro- another bf the tall, vigorous 
cess can be speeded, up: enor- roses from the Bareness sSsaWe, 
mously by using the: tmerexui- probably tod tall for beds in 
hire method of propagation I " sshttl3 Ardent because of it can 
was describing ~a few weeks a%o 5 ft but admirable for 

and this. is. precisely: what. John hedges dr " for . growing-, as 
Mattock is doing with, the new jnedimn^tse shrubs to beds of 
miniature rose - the ftnnis dis-. mixed flowers. It looks well 
tributing, Benson and Hedges -worth Its Certificate of Merit to 


Special. 

The - name seems more, suitr- 
able for a low-tar cigarette toon. 


toe 1982 awards. 

■ CamohUl Glory- got its Triafl 


Tom suite in Paris for 
466 dollars' a week. 

Vbtre ^jpartement a.Pans 
ponr 2800F"pars'emaina 

Hire Wohmmg in Paris far 
1098J)M*pro Woche. 

/value 1932 

CLUB EXPO 

C3ub-Eg»SA 
2d me Oradooi-sot-Oaiie 15015 Pans i 
3gIez2Q1344 riSdphQiie : 5H9Z43 


SOUTH DEVON - 

• FAVOURED SOUTH HAMS 

Highly productive, urty grass Finn, 
of S3 acres with most attractive Lb 
badrooaiad stone and slate dwrertar 
farm house. Oi&ar farms avaffabla. 
Details: 

■ FRANCIS BETTI SON & CO. 

Chartered Surveyors 
- The Old Wool Bam, Wanton' 
YwlmpCon. Plymouth . 

Teh (0752). 880044 

GUERNSEY. For ail your prowuty iMuto- 
■WJF***- , S**'^ Estate Aeency Ltd_ 
S La SaMrhh St Peter Pert. GwnoeY. 
Cl 048 1 34703. — ™er. 


Mew from US.OOQ. - 

PROPERTY 


f nmnd I, ^PRQP 

oerhaus- more- of the “patio" I am a little surmised that it 

than qhe triie miniature sire has not ROM any higher tois atooM ^eeSf I«i8re; *w. London 

with quite' toH dometopyed 

flowers vety freely produced. T with large, shapely. flowers^ of ggr..,?»a ' . **■ “^g 

often wonder "what gardeners do the hybrid tea typ*- cream «ooen. GjMn^ajid uuSSSoui^tIw; ym a. ki 
with the real miniatures onJy flushed with peach, pink. Tt Lo * 1 ^ smx 


with toe real miniatures onJy flushed with peach pink. It u»d«v'swix 

12 to lfi : to 'high' . which, .'has. sfltoht fragrance, is about may * nwv yt uw « mm mcom at 
apparently s«H In hnmeiBe mnn- - 4 ft tall mrijt is no surp rise to tSSm^surm TSi ^ 

here but though I. hardly «vn* -find that ETirabeto Haricnesv 

see them in- j^ndensi I do -see . was one ot tts parents for it cout ^ af o nowvy . taBunflS'taaw 
a creat value in . rosea like B ■ has similar qnallty.of flower. 


w. London sm. ab ritnut i93B*a 
baose— caataietehr imdennscci to a uoii 
■mutant. Vitwt of i wtr 30 mlka ud 
aear to ssreuava Common. oomprUne 
ttrt r e M ptiw oaf CH Foor 

rooroi. jKOtni tacUKicL Doobi* 

clause at £iz.M»j per amum *»- 
daNw. Premium ASjOOO. ONy Em- 
Jggw <* ■gfwjyw. wpa« Oe con- 
yoyfl.. A gply M. t J, 

Ud b do KraateM L9L. 23 CeoMan 
»S«. ireorter. **«. Tet. ImST «o 

5446. 


THE SQUARE 
BISHOPS WALTHAM 
SOUTHAMPTON 
TEL- (04883) €333 

ALDERNEY 

CHANNEL ISLANDS 
An attreetiyB traditional Island stone 

BUiK farmhouBB with 3 recaption 
rooms. 5 bedroomi, 2 bathrooms 

oil centra! heatino. garage: Adjacent 
f badroom datachad consgo. Pond, 
fanubuildinga. orchard, pasture land 
For Sals with approx. 28 Acres 
Offers Invind for the Freehold* 
Joint Sole Agents: 

Austin B Wyatt - TeL- (0488?) 6333 
Humberts - Tel: .01-212 3121 


Estate Agents since 1836 


GUERNSEY — Channel Mantis 
ELEGANT PERIOD RESIDENCE, 
in good area of St Patar Port ' 
Modernised to the highest standards 
yet retaining He original character 
and .charm. The tastefully decorated 
accommodation comprises: 2 recap., 
lux. kitchen, TV room, 2 bedroom 
Mites, plus 3rd bedroom, writing 
room etc. Double garage, separate 
Staff flats and an closed girdons. 
Free of residential restrictions 
Asking £200,000 . . 

Lstifllole Estate Agents. Guernsey 
Tel: 0181 23421 


INVESTMENT 
IN MONACO 

[ Very inactive 2-room apartment 

I in residential building, view of 
the sea and the casino 
AGEDI 

V ASTORIA'- (Bth Ffoorl 
28 bis Bd. Prirasesse Chariotl e 
MONTE CARLO 
-MC 38000 M0NACO- 
Tels (S3) 50 66 00- Telex: 42M17 MC 

GUERNSEY PROnUtTlEST THI us your 
reoalranieats and *ra will null by remra, 
LOVELL 4 PARTNERS, fat. T879. 11 
Smith. St. St Pctar Part Td: asst 
236S6- 


stylmg that while not without 
curvature,, manages to look 
almost angular. 

The futuristic styling may 
startle the millions who have 
bought the increasingly boring 
Cortina and who are now 
expected to switch to the 
Sierra. They should have no 
fear of making the change; 
Whatever they think about its 
looks, they will find tt a vast 
improvement on the Cortina in 
every respect. 

Ford has not only thrown 
away the obsolete live rear 
axle; it has ait last launched a 
critically important new car 
with a properly developed rear 
suspension. The left-hand drive 
Sierras I tried in Sardinia a 
couple' of months ago rolled 
hardly at all on fast bends and 
rippled over rough dirt tracks 
with a smoothness that could 
seduce long-standing Renault 
or Peugeot owners into Ford 
dealerships. 

The Sierra will be offered 
with six petrol engines from 
L3 to 2.8 litres capacity, all 
much the same as those in 
current Escorts and Granadas. 
A 23-litre Peugeot diesel 
engine is -also available. Most 


ring down the curtain on ihc 
Capri. Or at least it will when 
smaller engines than the 2.8 V6 
are eventually put into the 
three-door shell. 

The Costa Smeralda in July, 
with the temperature well over 
90F, is no place to drive a non- 
air conditioned car with ail the 
windows and sunroof shut, even 
though the Sierra’s face-level 
ventilation has a good through- 
put And in this land of gin- 
clear sea and silver sand, there 
aren't any motorways. So I 
can’t say anything about wind 
roar ot noise levels generally. 
That must await longer driving 
experience in this country. 

But I will make a prediction. 
The Sierra will repeat' the 
Cortina's huge commercial suc- 
cess, though for. different 
reasons. People bought Cor- 
tinas because they were good 
value. No doubt the' Sierra will 
be, too, but it will sell because 
it is refined and sophisticated. 
A proper car for the rest of the 
1980s, in fact 

If Sierra could be called a 
Frenchman's concept of a Ford, 
then the BX is a German's idea 
of a CitroSn. It has the best 


models have a new five-speed handling of any CitroSn I have 
gearbox with a high -economy driven, with none of the low 


it floats aver potholes and part, 
that while Citroens have suspen- 
sions, other cars make do with 
springs. The only thing 1 that 

catches It out is a humpback 

H bridge. Put over one at speed, 
the BX, as do all Citroens with 
P® r hydro-pneumatic suspension, 
can kicks -its heels tike a frisks’ 
f a pony. 

tew On the autoroute, the BX 
®° r nins arrow straight as it passes 
on. juggernaut lorries and it feels 
hat a typical Citroen (except for its 
jec- firmness) in all respects. But it 
do doesn’t really look like one. The 
ely crowd of French shoppers who 
the surrounded It the moment I 
len parked in front of the Nimes 
V6 Euromarch6 had to be re- 
the assured that it was a Citroen. 

They had looked a bit dubious 
ily. when 1 explained it had a 
ver Peugeot engine and a Talbot 
on- fivp-speed gearbox but bright- 
the ened when I showed them the 
r en fascia. That clinched it. No one 
vel else has been brave enough to 
eh- make a fingertip operated con- 
in- sole in toe Citroen manner. 

?r | It is fine when you get used 
h to tt, though Tm not sure about 
" a the rev counter — an illuminated 
worm that moves horizantally 
ng under the digital speedometer. 

The BX. which has either a 
J®- 1.360 cc engine fas used in the 
he Peugeot 104 and Renault 14) 
1C- or a new 1,580 cc, snakes use of 
nt plastics on a grand scale. The 
»r- bonnet top and hatchback are 
od mouldings. 

ill One feature it shares with the 
se Sierra is aerodynamic efficiency 
•d. and low fuel consumption. Both 
tie Ford and CitroSn claim steady 
56 mph figures of more than 50 
a miles per gallon for certain 
■d, models. 

ea Prices of the Sierra wHl he 
■st announced at British Motor 
ve Show time next month. The BX 


top and Ford's traditionally 
excellent . shift quality. 


driven, with none of the low goes on sale in France later this 
frequency heaving one accepts year but will not be available 


in the big CX for its superlative 


The five-door hatchback body ride comfort Firmer the BX 
for which Ford claim an aero- may be, but it still proves, as 


here until late 1983. It does 
not replace any existing CitroSn 
model. 


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— — - 




-]~~ '^'aJ' liw Vf 


,i.-“ %v _‘ ,r'..- 


:7‘ • '. 

‘ isfe ' 


books 


i- •’:•■ ,- 


Attlee— Britain’s most austere Prime Minister 


BY MALCOLM RUTHERFORD 


Wg!** : v* •• ■ ' 

•fS? Bahia. weidenfeM 

-.-^■•Wieoiaon. £1435. 630 pages 

• ^ "year* after the 
'-*££&* ?.?** 15631 time to write 

- .‘Pgitieal biography. The papers 
p :‘^® availaWfl; the antobio- 

- ’jr?)wes,' memoirs and diaries 

studied. Yet it is 
/ ■Sy .-P^sjMe to have talked to 
^me^ttaracters involved. This 
JErtogfaphy combines the 

• 1 *b*o*7‘--the scholarship 
•tt ,er objectivity — with the 

.m T pf, jounrfism-^e ability 

. -to be close €6 the subject. 

unlikely to lie hagio- 
;• S*“Pby or polemic, for 30 years 
-- oa- .tbgre is little point in writ- 
.^.Izvg. either. At -the same time, 
.-Shoe readers will have their 
owjL- memories of the events 
described and will not be un- 
v- critical. Threads can be picked 
:.~Wp which are directly relevant 

• .-Xo the politicaLSceue today. 

Kenneth Harris’s Attlee fits 
■ Ideally in id this mould. It covers 
an epoch as well as a man. The 
epoch stretches nearly 50 years 
almost from the beginning of 
the Labour Party to the return 


of the Conservatives in the 
early 1950s and a bit beyond. It 
makes the Second World War 
seem more like an interlude, 
albeit an Important one, in 
British history rather than the 
event which — as many have 
seen it and still do—decisively 
influenced everything since. 

It is Impossible to read the 
book without noting similarities 
between the problems of the 
1920s and 1930s and those of 
the earlv 1980s: not just the 
Internal politics or the Labour 
Party, but unemployment, social 

security and Britain’s role in the 
world. Britain remains all too 
recognisable as the same 
country. 

Attlee Is in many ways an 
Ideal subject, the little man 
wbo unexpectedly became 
Prime Minister after the war. 
But he is not an easy one. 
He made no mark at school 
and, with the possible excep- 
tion of a half blue for billiards, 
not much at Oxford. One of 
his tutors wrote the following 
reference: “He is a level- 
headed. industrious, depend- 
able man with no brilliance of 
style or literary gifts but with 


excellent sound judgment.** 

That early verdict could as 
well have served as his epitaph. 
Of course, he was lucky: for 
example, in retaining his seat 
in Parliament in 1931 when 
other more illustrious Labour 
members were being defeated; 
and therefore becoming a can- 
didate for the leadership. But 
it was the level-headedness, the 
industry and, above all. the 
sound judgment that mattered. 

Many people clearly failed to 
understand him, perhaps In- 
cluding his wife. Vi. who came 
from the same conservative 
upper middle class background 
as himself. In the late 1950s 
she told Kenneth Harris in 
Attlee's presence: “ Clem was 
never really a socialist, were 
you, darting? . . . Well, not a 
rabid one." Attlee grunted. As 
Mr Harris notes elsewhere, the 
Attlee grunt was often fatally 
mistaken for assent. 

Aneurin Be van probably mis- 
understood him too. Attlee 
called his autobiography As 
ft Happened." Bevan com- 
mented: "It's a good title. 
Things happened to him. He 
never did anything.” 


Attlee's own laconic style was 
to become famous. Here is the 
full text of a letter to the left 
wing Labour HP, Konxti ZHli- 
acus: 

“My dear ZiQy, Thank you 
for sending me your memo- 
randum which seems to me to 
be based on an astonishing 
lack of understanding of the 
facts. Yours ever, Clem." 
Asked what it was tike to be 
SO. he replied: “ Better than the 
alternative.” 

But there was also a much 
tougher side, capable of develop- 
ing an argument and pulling 
no punches. Here is part of a 
long letter to Churchill when 
Attlee was Deputy Prime Minis- 
ter in the wartime coalition: 

“When (papers) come before 
Cabinet it is very exceptional 
for you to have read them. 
More and more often you 
have not even read even the 
note prepared for your own 
guidance.” 

Churchill was thunderstruck 
and consulted Brendan Bracken 
who said: “Attlee’s quite right" 
Mrs Churchill agreed; and so 
did Lord Beaverbrook, once 
described by Attlee as the “only 


evil man I ever met," 

There were some equally 
sharp exchanges with Presi- 
dent Truman when Attlee was 
Premier. And indeed, it is on 
foreign policy that this book is 
most aluminating. Previous 
credit for the foreign policy 
successes of the Attlee Adminis- 
tration has tended to go to 
Ernest Bevin at the Foreign 
Office. What comes out here 
was how closely Attlee was 
involved, partly, no doubt, 
because Bevin was one of the 
few politicians with, whom he 
had any intimacy. 

There Is a marve&oos chapter 
on India which can be read as 
a self-contained essay. It leaves 
no doubt that Attlee himself 
was responsible for pressing 
ahead with independence. He 
was the Labour Party's acknow- 
leged expert on the subject, 
going back to the days of oppo- 
sition In the 1930s, and he knew 
all the people. Inducting Mount- 
batten. He acted, while others 
bung bade. 

The record has its blemishes, 
to be sure. Hr Harris does not 
conceal them. Policy on 


Palestine was 4 deva s tating 
failure. The decision to «$ttire 
nuclear weapons was^ question- 
able, the dure so In -that it 
established the- tradition, of, 
secrecy prevaffing to. Ibis day. 
In extenuation it shouW be-said, ' 

however, that Britain then had 
much more xwson'for'beltevdriff 
that it was a great power:, it 
could not escape a greet power's 
problems. . .< •_ 

One other aspect of the Attlee - 
Administration receives perhaps 
belated attention: his approach - 
to the machinery of govern-' 
mem. He had written a memo 
on die subject ns early as 1932 
and in office he practised what 
he preached. “ Tie Cabinet does 
not propose: it derides,? fee 
wrote as Prime Minister, 'and 
years later: “ It is essential for 
Cabinet to move on, leaving, in 
its wake a trail of dear. crisp, 
uncoaprontising derisions. ThaT 
is what government is about 
And the challenge to democracy 
is how to get it done qufcUy.” 

Mrs Thatcher " .woedd . have 
liked hhn for that, , and civil 
servants remembered him as 


the; most . efficient of postwar 
Prime ICtesters. . . 

"What were hSs; aebieranchts, 
apart from Indie and., the ; 
welfare state? Attire ■. himself - 
believed that it was to get bis. ' 
party into .power,: first ha crea- 
tion, to bring ft oof Intact; and . 
then in -win. an Jdectiaa wtoea' 
most people expected defeat' 
For' the first' time Labour was 
established as a pkausMe party . 
off -gomnmcnL and mat was no 


He had perhaps one advan- 
tage, teter picked xrp by Harold 

As Attte& said in a 
1945 ejection broadcast: - 

' “Tie Conser vati v e Party 
- remains, as - always a class 
party. In 20 years in the 
• House of Commons I- cannot 
recall more than half a dozen 
from the ranks Of the wage 
earners . . . Tie Labour Party 
io,. In fact, the one party 
. which most neariy reflects in 
its representation and com- 
position ail the main streams 

-which flow into the great 
river of our national Me." tittle 

'Who hre that mantle -today? 



Attlees " 

with tag* resource* 


Alas, poor Yorick 


BY ANTHONY CURTIS 


RIGHT 

L .IFFUFC 


P. G. Wodehouse 
by Frances Donaldson, Weiden- 
feld and' Nicolson, £10.95. 399 
pages 

Last year’s Wodehouse cen- 
tenary — the old boy was dis- 
missed a few runs short of his 
100 — produced a goodisb crop of 
lives, studies, tributes, verbal 
bouquets, exhibition catalogues. 
What it lacked was the appear- 
ance of Frances Donaldson's bio- 
graphy of the- Master, which has 
the blessing of the Wodehouse 
Estate. 

The question, as Bertie 
Wooster might say. Is, “Has 
Lady Dr been scooped as weB as 
pipped at tiie post?" 

The answer, as Jeeves might 
have put it. is "No, not entirely, 
Sir." 

“ Expand on that. Jeeves ” 

"Her ladyship has had sight 
of unpublished material not 
vouchsafed to eartier bio- 
graphers and has made excel- 
lent use of it sir." 

There Is no one like Jeeves to 
cause a fellow to prick up his 
ears from the depths of his pil- 
low when he has a tale to un- 
fold. He knocks the late King 
of Denmark on his nightly con- 
stitutional round the battlements 
into a cocked hat . . . etc. etc. 

In one particular Lady 
Donaldson was scooped: that 
was by Iain Sproat in a slim 


volume entitled Wodehouse at 
War, in which be returned to 
the vexed question of the five 
broadcasts Wodehouse made on 
Berlin, radio in 1941. 

At the end of the war Mr and 
Mrs P. G. Wodehouse were 
staying in the Hotel Bristol in 
Paris. The first Allied official 
to see them was a British major 
who turned out to be Malcolm 
Muggeridge. He behaved with 
exemplary kindness and con- 
sideration, with the unenviable 
task of breaking the news of the 
death of Leonora, Wodehouse's 
beloved step-daughter. When it 
came to the hoo-ha over the 
broadcasts be arranged that 
Wodehouse should go through 
the whole business with some- 
one from British Military Intel- 
ligence. This official, who then 
questioned Wodehouse about 
the circumstances of the broad- 
casts for ten days, was Major 
Edward Cussen (later "His 
Honour Judge Cussen). He pro- 
duced a confidential report on 
the strength of which the 
DPP decided there was not 
sufficient evidence to justify a 
prosecution. . 

The Cussen Report (as it 
came to be known to Wode- 
house biographers! remained 
locked up in the Home Office 
for nearly 40 years. It was not 
available for inspection by any- 
one, however bona fide a 
scholar of Wodehouse. In 1980 


Iain Sproat with the persistence 
of a good constituency MP suc- 
ceeded in prizing open the file 
and bringing it Into the light of 
day. He -came to the conclusion 
that Wodehouse had certainly 
not done anything criminal 
(surely everyone was agreed 
about that} and that he hadn’t 
even done anything culpable. 

Lady Donaldson has also 
studied the Cussen report but 
in addition she has seen a day- 
to-day diary which Wodehouse 
kept during his internment 
which is now- published in her 
book for the first time and 
shows Wodehouse's uncommon 
stoicism and cheerfulness under 
duress. The author has also 
taken into account statements 
by Werner Plack, the German 
official in the foreign service 
(a former inhabitant of Holly- 
wood) who arranged the broad- 
casts. and she has seen all the 
letters and statements of 
Wodehouse relevant to the 
affair. After her thorough and 
scrupulously fair examination 
she too exonerates Wodehouse 
of any criminal act On the 
question of culpability she does 
not give him quite such a dean 
slate as Mr Sproat regarding 
Wodehouse as having behaved 
with almost unbelievable 
foolishness. 

Lady Donaldson tells the 
story not only from Wode- 
house's viewpoint bnt also from 


the side of the British Govern- 
ment and the then Minister of 
Information, Duff Cooper, and 
the smearing attack on Wode- 
house instigated by him and 
carried out by the Mirror 
journalist William Connor 
“ Cassandra,” (one of the 
nastiest pieces of smearing in 
the hlstoiy of broadcasting). 
She also reveals the amazing 
fact that after the war Wode- 
house had lunch with Connor, 
made his peace with him and 
thereafter regarded him as a 
friend, even asking Evelyn 
Waugh to tone down the re- 
ferences to Connor in a talk he 
gave about Wodehouse on the 
air. 

A further advantage vrtnch 
Lady Donaldson has over pre- 
vious biographers in writing toe 
life of this complex man is her 
friendship with Leonora, who 
was such a great confidante of 
her step-father’s. We get close 
to Wodehouse within the family 
circle. He loved Leonora hut he 
was an intensely shy person 
who avoided company when be 
could. On the other hand. Wode- 
house liked to collaborate on 
liters rv and theatrical projects, 
particularly with Guy Bolton 
and William Town end, wbo 
make many appearances 
throughout this biography. As 
the daughter of Frederick Lons- 
dale, Lady Donaldson is rightly 
aware of the master’s long asso- 


CHESS 


LEONARD BARDEN 


EARLY. ROUMDS of toe third 
world - championship interzonal, 
now in its closing stages at 
Moscow, produced yet another 
surprise contender to follow the 
61-year-old ' Smyslov and the 
Uttle-known Filipino Torre who 
-qualified from the two previous 
events. After six of the 13 
rounds Garcia of Cuba led. 

Later, at the start of today's 
final round, the Favourite Gary 
Kasparov of the USSR hre 9 
points out of 12 and is sure of 
both first prize and a place 
among next year’s world title 
candidates. Kasparov is a true 
follower of Alekhine who likes 
to build up an attack as fast as 
possible from a mobile centre, 
as in this brilliancy from the 
third round. 

WHITE: G. Kasparov (USSR) 

BLACK: Y. Murey (Israel) 
QUEEN'S Indian Defence 
(Moscow interzonal 1982) 

1 P-Q4JV-KB3; 2 P-QB4.P-K3; 
3 N-KB3.P-QN3: 4 N-B3.B-N2: 
5 P-QR3.P-Q4; 6 PxP.NxP: 7 
Q-B2. 

Yet another hopeful takes on 
Kasparov in this, his favourite 
opening system where he has 
'already scored many wins. It 
-seems to have some fatal fasci- 
nation for opponents. Here 
Kasparov improves on the 
7 P-K3 which' he preferred in 
earlier games. 


7.. .P-QB4; 8 P-K4JJxN; 9 
PxN,N-B3; 10 BN2.R-QB1; II 
R-QLPxP. 

Black hopes to exploit the 
ris a vfs of rook and queen on 
the open file, but toe pawn 
exchange simply free® toe 
diagonal for White’s bishop. 

12 PXP.P-QR3 (if NxP? 13 
Q-R4 ch or N-N5? 13 B-N5 ch); 
13 Q-Q2.N-R4; 14 P-Q5! 

This thematic advance 
favours White's dynamically 
developed pieces. 

14.. .PXP; 15 PxP3-Q3- 

If 15 . . . Q-KZ ch; 16 B-KZ, 
N-B5; 17 P-Q6! NxQP; 18 0-0 
with a winning attack, but as 
played the black king’s pawn 
defences are left in tatters. 

18 BxNP. Q-K2 ch; 17 B-K2, 
R-KN1: 18 Q-R6. P-B4: 19 B-B6, 
Q-B2: 20 QxP. Q-B2; 21 QxP, 
R-N3; 22 Q-K4 ch. K-Bl; 23 
N-N5, RxN; 24 BxR. R-Kl; 25 
B-Rfi ch. K-Nl: 26 Q-N4 ch. 
Resigns. If K-R2; 27 R-Q3! and 
Black is soon mated. 

Full details of this energetic 
win were conspicuously absent 
from the pages of the Soviet 
sports daily which has other- 
wise given the Interzonal 
prominent coverage. The 
reason: Yacob Murey, the loser, 
was formerly a well-known Mos- 
cow expert before he emigrated 
to Israel to further his chess 
career. While in Russia he was 
a minor master with no inter- 
national title; since departing 
he has become a strong DI who 
was runner-up in the West 
European zonal. 

Added to this story of prodi- 
gal made good. Murey com- 
mitted toe cardinal sin in toe 


eyes of Soviet officials of join- 
ing Korchnoi's team for the 
1977-78 series against Karpov. 
Thus his results in the inter- 
zonal are reported deadpan, 
with no comments win or lose. 

The trouble with USSR cen- 
sorship is that occasionally 
a slip shows, either through 
ignorance, inefficiency in the 
censor office, or perhaps a chess- 
playing mole at the newspaper. 
Igor Ivanov who defeated 
Karpov in a team match, then 
hopped off a plane at Gander, 
became a Canadian citizen and 
national champion and also 
qualified for toe current inter- 
zonals. His name was and is 
clearly on the Moscow black list 
as he is one of two expatriates 
omitted in Soviet reprints of 
the official FIDE world ranking 
list. 

But when Ivanov started play 
in the recent Mexieo interzonal 
Soiietsky Sport gave his name 
(for the first time since 1979) 
and results normally, even when 
he outpaced all the official USSR 
nominees. Then, two rounds 
from the end, there appears to 
have been a panic in toe cen- 
sor’s office, Ivanov’s name dis- 
appeared, and Instead of 
detailed reports there was no 
complete list of finishing scores. 

However, the attentive chess 
reader — and there are many- 
such in the Soviet Union — could 
easily have worked out toe 
tournament pairings and drawn 
appropriate conclusions from a 
remark that Boris Spassky 
failed to qualify because he was 
unable to win his “hardest 
match" in toe final round. It was 
against Ivanov. 


Position No. 442 
BUCICMmnV 


1ST > II 



WHJTE(14men) 

Nimzovtch v. Alekhine, Vil- 
nius 1912. Alekhine (Black, to 
move) toe later world champion, 
chose the cautious 1 . - . B-Q3. 
Could he have won a pawn by 
1 . . - PxP? 

Problem No. 442 
BUCK (8 mas) 

I ti M I I" 1:1 


ililflil 

■«n 

an- -B^n^B 



WHITE ( 8mu) 


White mates in three moves at 
latest, against any defence (by 
R. F. Fegea), 

Solutions, Page 12 


BRIDGE 

E. P. C. COTTER 


I ENJOYED reading Master 
Pairs Technique (Robert Hale. 
£6.95) by J. w. Tail, and Z 
recommend it to my readers. 
You do not have to be a 
duplicate player to benefit from 
this instructive book. Take the 
South cards, and plan the play 
of this slam hand: 

N 

• ♦ J 7 5 2- 

A Q 5 
O Q3 
+ K Q 10 4 
W E 

♦ Q 10 8 * 9 

giO 8 3J97432 

O J 10 9 4 OK 87 2 

*97 62. *S3 

S 

♦ AK643 
C K 6 

O A65 

* A J5 

With both sides vulnerable. 
South deals and bids one spade. 
North replies with two dubs, 
and - South - retrkb three 


diamonds. North now says three 
spades — there is no need to bid 
more at this stage — and South 
shows his fit with his partner’s 
suit by a bid of four chibs. 
North says four hearts, to show 
the Ace and express willingness 
to go further, and South jumps 
to six spades. 

West led the diamond Knave, 
you cover with dummy’s Queen, 
East produces toe King, and 
you win with toe Ace. You cash 
Ace, King of spades, but East 
discards a low heart on the 
second round. How do you pro- 
pose to dispose of your diamond 
losers? 

Your only hope is to discard 
them before West niffs, it 
seems natural to start by cash- 
ing hearts, because that is the 
short suit Unfortunately, West 
ruffs the third heart and cashes 
the ten of diamonds to defeat 
your contract 

You should realise that as 
West must hold at least three 
clubs for your contract to suc- 
ceed, it cannot do any harm to 
play that suit first If dubs divide 
3-3, you switch to hearts, and if 
they, too, break 33, you play 
the fourth dub. But as the 
cards lie. Went holds four clubs, 
so you can without danger play 


a fourth round and discard one 
diamond. You then discard your 
other loser on the third heart. 
West ruffs, but it is too late to 
bun you. 

By playing the suits in the 
logical order, you receive the 
reward of an added chance. 

We turn to defence, and put 
yon in the East seat: 

N 

* Q 6 

K 8 a 4 

O 10 5 

* A Q J 10 9 

W E 

* 9 7 2 ♦ A 3 

9Q 10 973 W2 
0873 OAKQJ6 

*82 *7653 

S 

+ K J 10 S 5 4 

<3 A 6 

0 9 4 2 

* K 4 

With East-West vulnerable, 
South deals and bids one spade. 
North says two dubs, and you 
compete with two diamonds. 
After two passes North says 
three diamonds, asking for 
further Inf o rma tion. South says 
three spades, and North raises 
to four. 

West leads toe diamond eight. 


and you win with the Knave. 
What do you suggest now? Your 
partner cannot have much in 
the way of defensive values, but 
there Is one gleam of hope. The 
lead of toe diamond eight places 
the declarer with at least three 
diamonds. That is his weak spot 
—can you take advantage of it? 
If yoor partner holds ten, nine, 
and another spade, you may be 
able to effect a trump promotion 
by playing three rounds of 

diamonds and forcing dummy 

to ruff. Then when you take 
your spade Ace, you lead 
another diamond, and West's 
ten will be promoted. This 
defence is reasonable, but it will 
aot work, on this occasion. 

There is a better line of 
defence- You cannot, obviously, 
play Ace and another spade, but 
at trick two try leading your 
three a f spades. That leaves the 
declarer helpless. He cannot 
play a second round of trumps, 
for that would allow you to cash 
two more tricks In diamonds; if 
be tries to ■ get rid off his 
diamonds on. dummy's dubs, 
your partner will raff the third 
round, and the defence still 
have a n o the r diamond and the 
Ace of trumps to take. 




P.G.WODEflflUSE 



ftudt awakening— drawing on tb* 
jacket of a Wodehoun tint 
edition in 1994 


elation with the theatre both 
as lyricwiiter and dramatist. 
He was working on plays and 
adaptations as late as 1950. The 
author has a light easv style 
in spite of her thoroughness 
with the documents. She paints 
a happy picture of Wodehouse 
as she once saw him with her 
father in the theatrical 
ambience of- prewar Birdting- 
ron. 

“Not a work demandings wet- 
towel around the brow then 
Jeeves?" 

“Decidedly not, sir." 


Merger 


war 


BY BRIAN AGER 


War Without Frontiers 

by Andrew Osmond and Douglas 
Hurd. H odder and Stoughton, 
£8.95. 598 pages 


The pairing which brought 
you Send Him Victorious in 
1968, The Smile on the Face of 
the Tiger in 1969 and Scotch on 
the Bocks a year later is really 
back in business. Each is a 
novelist in his own right and 
between them they muster first- 
hand knowledge of all the 
strands to weave into a political 
thriller. 

The “ war ” in toe title is the 
one being waged for control of 
industry— a war which can be 
seen as a matter of business and 
politics but can so easily break 
out into real violence. 

A former . British Prime 
Minister is trying to push 
through toe European Commis- 
sion the merger of two giant 
motor companies — one Italia n , 
the other British. Both are short 
of cash and both are threatened 
by workers' revolts. 

Such plans do not suit an 
extreme Left-wing organisation 
which wants the workers to 
seize the car companies and by 
example start the collapse of 
capitalism in Britain and Italy. 
Sabotage, kidnapping and mur- 
der are included in their plans 
to destroy the system they hate. 

The violence and the pace 
increase as the group, including 
a Sonet-programmed killing 
machine battle march to stop 
the merger. Much of the most 
exciting actios if set in France 
with toe "H’gh* of the police 
system trying to track down the 
kidnap gang. The forces of right 
(or rather the Right) are led by 
a pipe-smoking Commissaire, 
who is handicapped by having to 
discover the Identities of the 
clandestine Leftists before he 
can hope to catch them. 

Helping with toe hunt 
because he has seen some of 
toe group's members, is a 
British journalist who has 
drank himself out of a job and 
is anxious to get toe stdzy to 
re-establish himself- One day 
someone will write about a 
teetotal. happily married 
journalist (many do exist). 

Such minor points fall to mar 
a otytisfa, realistic novel. 
Welcome back to a winning 
team. 


Women beware women 


BY ADAM MARS-JONES 


Stories up to a Point 
by Bette Pesetsky. The Bodley 
Head, £5.95. 114 pages 


Learning; to Swim * 

by Graham Swift London. Maga- 
zine Editions, £7.96. 146 pages 


Malden Rites 

by Sonia Ptlcer. WeKLenfeld and 
Nicolson, £7.95. 282 pages 


The Knight on the Bridge 
by William Watson. Chatto and 
Windus, £7.95. 203 pages 


Light a Penny Candle .. 
by Maeve Binchy. Century, £&9S. 
540 pages 


If tile title Stories up to a 
Point suggests some tiling frag- 
mentary and unsatisfying, then 
it should be changed; even the 
shortest of Bette Pesetsky 1 * 
stories has a satisfying contour. 
Her. heroines are serial poly-, 
g attests, women Whose- several 1 
marriages have .left them with 
nothing es substantial as ran- 
cour. Their lovers tend to have 
Christian names that sound Bke 
surnames (Milton. Cooper, 
Ghaxupleon); and although they 
have children, maternity has 
touched them no more deeply 
than matrimony. 

Nevertheless these women, 
though they are tor from being 
in control of their own lives, 
have an odd, uninflected 
authority. As one of them says: 
*Tn toe suburbs, te> one knows 
anything. La toe city, everyone 
knows everything — and while I 
was here. I knew too." Another, 
whose hobby is walking, is 
offered 350. a week for life by a 
neighbour if toe promises to 
keep quiet about the car that 
park* in her drive every after- 
noon. She takes toe money. 


' The stories are kept In control 
by a wide range of devices; one, 
“ Ulcer," takes the form of a 
patient’s answers to a question- 
naire. In another, a woman un- 
covers her family's - history 
(including accidents and adul- 
teries) when toe goes through 
her grandfather’s dust collec- 
tion. A third woman draws 
graphs to.' represent .the 
emotional crises of her frtends 
(“I make a noxnogriqih for toe 
Mtisser divorce - . ... 

By and latge. the stories that 
work best are toe least conven- 
tional; only one story, 
“Scratch," .» let down by . a pat 
ending , m T •: 

The stories in Grahmn drift’s; 
Learning to Swim are no less 
acoompUtoed; this week’s' short- 
story otelections.pot this week's; 
novels to shame with their ener- 
getic variety. Mr Swift’s themes 
■ are guilt and loss and depen- 
dence and destructiveness; Ms 
stories .revolve around a series 
te 'dour / propositions about 
human, behaviour. Humiliation 
is how yon win love- People 
would rather pretend fibey are 
trapped thas'-acbhltr they are 
free. Men go round in circles, 
womear don't move 

V The potential clanstrophdbur 
of this subject-matter is-kept at 
bay by a scrupulous variety «f 
rim ranter and setting;, and in the 
best of toe stories, fay a con- 
trolled. element of fantaqf; It 
hardly matters whether thefan- 
tasy is threatening or reassur- 
ing, whether the genre into- 
which toe story modulates is 
Gothic or fairytale; but a little 
unpredictability can reconcile 
toe reader to a great deal; of 
hard truth about human limita- 
tion. • • 

Sotea POcer’s Afaiden .Fites 


gets off .to am excellent start, 
but has mo where to go. Her 
heroine. Hannah Wolf, wants a 
life of emotional intensity, cap- 
puetdo and foreign films, but is 
saddled with a shamefully dull 
.background in a New York 
suburb, Flushing, which she is 
embarrassed even to name. The 
book starts off brusque and in- 
dignant, unffl it turns out that 
life is not so bad for an attractive 
teenager in toe 1960s, even if 
her boyfriend is neurotic in the 
Woody Alien mode, in advance of 
present fatoioh. The tone inevit- 
ably modulates to bittersweet, 
.and the novel ends by justifying 
its sttotiffev “A Romance." K is 
nevertheless sharp and amusing 
throughout, though the author 
could .take more care wltb 
period detail; It is as serious a 
mistake,. In; a novel of 1960s 
adolescence, .to get toe date of a 
Roning Stones' song wrong by 
two years, as ft would be to have 
Queen Anne doing the Charies- 
1 ttm. . . - 

WUHam Watson’s The Knight 
on :the Bridge deals un- 
ashamedly In . anachronism; 
archaic .words (“swttbering,” 
‘Taried.* “fofbye " “fossick’’) 
nto shoulders with modern 
phrases (“like a ton of bricks,” 
.^greased - . ' • lightning"). The 
- tefec^ especially when a charac- 
ter ternaries. “It’s a money 
economy we live' In now,” is 
closer to Monty Python than toe 
Miorte D'ArfJmr. 

No such mistakes are made 
by Maeve Binchy’g massive 
Light a Penny Candle, a fluent 
well-researched family saga 
tracing a - childhood friendship 
between a# English evacuee and 
toe Irish famnly who take her 
in. At 540 r hefty pages, it Is a 
great deal easier to read than 
to carry, arodnd. 



-BY ALAN PRYCE-JONES 


The Emperor and the 
Actress 

by Joan Hasiip. Weidenfeld and 
Nicolson. £9.95. 284 pages 


Miss Joan Hasiip is a gifted 
biographer. She has an eye: for 
the picturesque, 'the romantic, 
the dramatic. She has written 
equally weB about Catherine 
the Great and the Emperor 
Maximilian' of Mexico; among 
others. She can fill an historicsd 
canvas or peck into the boudoir 
with equal skill. 

Hot latest theme, subtitled 
“The Love Story of Emperor 
i Franz Josef and Katharina 
I Schr&tt” must have. looked, at 
first sight, just„«s propitious. 
• The Emperor was a married 
man in his fifties when first he 
met Katharine - Store tt, a 
married woman of 31, who was 
already a celebrated comedy 
actress . at . the Vienna 
Burgfhester. She had retained 
to a more-th in-promising career, 
briefly abandoned to please her 
husband. The husband - was * 
minor Hungarian aristocrat, a 
gambler and an incompetent. 
The bailiffs were in and toe 
Scbratt parents had lest their 
persona] fortune in a stock 
exchange crash. Something bad 
to be done. 

Respectability, Miss .Hasiip 
asserts, “became almost an 
obsession with ' her.” The hat 
was sent round. Her debts were 
paid, with the help of a . Jewish 
banker and his friends. Her 
career was relaunched, and if 

respectability stumbled it . dm 
not totter. . 

The Emperor, meanwhile, 
had passed through difficult 
times with his beautiful, un- 
balanced Empress. Their court, 
from which the Empress was 
usually absent, was known to toe 
stiff eet In Europe. What could 
be more aRuring to him than a 
woman 20 years his junior, 
pretty, unaffected, wei 
and, into the bargain/ 
by respectability? • 

What Mrs Patrick Camp- 
bell later called “the fanriy- 
burly of the chaise-longue M was 
for neither. In Istol they coted 
meet In the mountains over toe 
local eqnivalent of a cup of tea; 
in Vienna they could share a 
morning stroll. -Very soon the 
Empress found that it ateted 


her perfectly to see 'Franz 
Josef enthralled by , a sparkling 
young woman who could take a 
dull husband off her handvyet 
wanted nothing in return. 

But tod she want notating?' 
Katharina was extravagant and 
a gambler' like, her husband. 
The Emperor, ''too was very 
rich, paid ' her debts . with 
pleasure. He loaded, her w*to 
jewels, be gave her expensive 
real estate, he protested that 
fa* shared her love of respect- 
ability. so that neither might 
compromise, toe other. And for 
nearly 26 years * calm romance 
moved towards old age at the 
tempo of an understanding be- 
tween an elderly butler, and a 
neat under-housemaid. . 

Thai things took a torn for 
the worse. The Emperor, the 
" poor old ■ Emperor;?! as Miss 
Hasiip repeatedly calls him/was 
a wmw of exceptional - tedium. 
He was not only respectable but 
respectful — a grave fault in a- 
lover. Katharine Schratt may 
have possessed more-clout with 
him than she chose to use, but 
she wax also wilful and flirta- 


tious: an irritating partner, one 
would think, iu a costly but 
platonic love-affair. And there 
is no dear evidence that their 
romance was ever more than 

rhar 

Dreadful * - tbfrtga happened 
round them. There .was the 
stadde_ of the Archduke at 
.Mayerling, there was the mur- 
der. of the Empress in Geneva; 
there were - the usual royal 
fusses over syphilis and drink. 
But a large cast of characters 
round actress and Emperor re- 
main -;fbr the most part incur- 
ably dnlL -The Emperor's let- 
ters are dull: ifae actress’s re- 
plies are dteL Somehow the 
pair of them fit.more easily Into 
the contemporary world of Mr 
Pooler than into the go and 
glamour which we try to asso- 
ciate with the Vienna of Johann 
Strauss. - 

After the Emperor's death in 
1916 Katharina, .who lived until 
1940, slowly petered out, kind 
but querulous. { one jy_ but with 
surprisingly little to remember. 
Miss Haslip’s well-textured 
book is her happiest memorial. 


Published on Monday 




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v v ; - ; $aaaciai Times Saturday September' 25; Z9S2 




HOW TO SPEND IT 








11 


by Lucia van der Post 



if> 


n/;*: • - 

EAUL ~C0STE£iQE‘- has in 
. Enj^^ be«a dffiBy knowa for 
£■ his -vfiy . radivtouai cofleetion of 

vwomen.’s . 'clothing. Most - of’, his 
f £ • designs-,- are-: biased . Aa soft, 

. 4 1 heatneiy^coloars 1 ''un pure wools 
jjafcdVtw^eds, pr.~in summer, fine 
f and . lineaE^htus approach 

•'f T rfeafe''fe^n’"at oiks'. -iiay British 
? -. -%$&. btmgetf is Irish, bis- a shop 
• -l Jo ^Dublin, but he uses * tweeds 
.• . add wools frpmvlxe&bd, Stfcrt-. 

■ ' ^ J5md . acid' Yorkshire) .''and : very • 
--^rast . Coast American. Xongf 
.*$ legged, lean' blonde: Americans. 

-1 always think,' must, he the 
''customer he has 'in mind. 

■_' Kb’ has alwa/s been . a Mg 
success in America^ particularly 
m Bloomtogdale’s the fashion?- 
-- able New York store, and so he 
did a mebswear collection, 
specially for Bloommgdale's. It 
was soch f winner that he is 
I . now going tb develbp, Ms mens-' 

; wear side as strongly' as the 
i women’s. 

! .. His - first -autumn ; and winter 
I collection is now on sale and as 
,• you can see from: the photograph. 
• . below, the look is' very relaxed 
and casual and & the same t&he 
f,. 3Lt exudes ah air of (Quality. r; 

/ 'Shpwn in the photograph 1 fe 
u a Norfolk jacket with . leather 

i 




trimmade entirely from, 109 per 
cent'wooL In. sizes ranging from 
36 inches to 46 inches, regular 
or long fittin g s, tt is £140. Worn 
with it are some baggy style 
corduroy trousers with leather 
trimmed pockets— in a variety 
of ; sofftr. colours, chosen ; to ' tone 
with'' the tweeds and- the 
sweaters; -they eome in 'sizes 
'from' 28 ' inches to - 38 inches 
waist: and cost £35. The collar-; 


• ?• 

' t 



less shirt is made from 55 per 
cent wool - and 45? per qent 
cotton; it comes to neck sizes 
14 to 16 indies and costs £35. 
-Worn with it. is a pure wool 
.plaid scarf, “£2Q. 

• For 'the moment, 'the chief 
stockists of the menswear range 
are- Ejected.- Austin Heed 
branches - : (including Regent 
Street .Wl, Princes- Street, 
Edinburgh) .and Harvey Nichols 
of Knigbtsbridge {the menswear 
. departments . - . . . 

Photographed above is the 
€os&ell0&-lbak for - women for 
the coming winter. Soft jackets, 
full skirts and a wide range- of 
blouses, all working together 
-and toning in -without ma i-rhi-ng 
exactly are the hallmarks of the 
rollection./.-. ... 

Paul Costelloe , particularly 
likes his customers to choose 
jaekete' which are^ not identical 
Watches with Ms skirts— snarly 
of the fwfeeds he uses can work 
together- in this way - and the 
overall effect is much softer and 
more ' individual than the more 
conventional identically^ match- 
ing approach. - 

". Photographed above is a plaid 
dfciit with side buttoning and 
trimmed with leather— in a 
'green and mustard pure wool 
plaid it is>£82. The short hunting 
jacket' Is ' also trimmed with 
leather and . comes in a toning 
Soft - tweed, £314. Finally, the 
check blouse with a front bib 
is made from 100 pet cent silk 
taffeta and .comes in . either a 
burgundy and green check . or 4 
mustard and blue check, £79. 
Besides' Harvey : Nichols, Paul 
dosteU^s womenswear range is 
also stocked ;by Options at 
selected Austip.. Reed' branches 
(including -Breat Cross, Guild- 
ford, 'Regent.. Street,. Wl) 
Sparrow of -- Farnham. Surrey, 
Popingay ’of ; Chichester and 
Mpons of Glasgow. . 



JVeir waves in the kitchen sink 


EXCITING thing s are happen- 
ing to kitchen sinks these days. 
Though it must .be one of the. 
most mundane- -and evecyday 
of household objects (can. there- 
by a single home without one?)- 
for- years nobody in the-design 
world seemed to pay it much 
attention. A few' years ago. the 
ripples of a new wave of sinks 
began to appear,.' needless to 
say, from .the continent, in par- 
ticular from Switzerland and 
West Germany, when they 
gan offering 7 curved ' ones, 
coloured ones. as. welt sis tots 
of optional extras like cbqp-v 
ping boards and drainers and 
quite sophisticated wire baskets- 
-^all' a far cry from tile floppy 
plastic, bowl Sitting to a deep 
ceramic bowl -or an aluminium 
sink. 

A recent exciting new devel- 
opment, however, is an entirely 
British affair— a-lialsonbe tween 



GOUJNGWOOD 

To rrietf fto requiiwntofa of 
owmtevinw^-iejvciowe 

would life? fopi«hasa otoqpo 
ond modem jeweflaydso • 
- sfluwwnihistesJpBc® 5 
u^lwofewcurserifteo 


aod fcwiwctolopciwjcnl 


AiiflMy £« i«0! 439350* 




one' of our leading -chemical 
companies, iGTand a xnanufac- - 
turer; Fordham Plastics, of 
acrylic jhaths and panels.- - 1CI 
baa for-, some years- been 
.developing a new material. 

. which is: basically-. ; m - aeryiac 
resin filled with Sxx silica. ICI 
calls it'Asterite but tlo compli- 
cate the matter k appears- else- 
where under other names and 
Fordham Plastics calls -St Sylac. 
Its chief claim to fame. that 
■ it - has much- bf the aesthetic 
charm :bf ceramics but because 
It can be moulded It " can be 
"used to make ranch '/more 
dramatic shapes .than would he 
possible, in any' ceramic. The 
matt finish Is both attractive' to 
look at and: to. feel, ii; is also 
scratch, . . stain and " heat 
resistant. 

-Fordham Wolver- 

-hainpton was so . excited by -the 
possibilities the material 
offered that it- "zsked a firm, of 
leading -industrial 1 designers to 
come up with products that 
'would. -exploit the . qualities to 
the full. " The result te. what 
Fordham calls ' its Sirocco Kit- 
chen Work Centre. 

■ ' ^arket retearch revealed that 
. sinks ware- no. longer just for 
wffihihg-np iJn— iaost • -people 

^tuwhjiLto.|k.to iuuEiUgn 

THE K1L1HWAREHOUSE 

jffA :.PIck«is JSSgwt Ungoa SWI2. 

(4s>t oC OapbamCwranoo) 01,675^122 

•Haadrads 'vf fine flU.fcM AH*’** 
Mfcnb at , nott rtMooabk prioar - 
: Impart than d «BWwM» 

SVee COLOUR BOOKlEr««i request 

rrinnrinnhnhnmgi 


used them as the centre of all 
the kitchen work and so Ford- 
ham Plastics decided to launch 
a range, pf units together. 

'-. The four basic' modifies con- 
sist of a bowl plus another half 
bowl and drainer (as you can 
see' in the picture), or a stogie 
bowl, a half bowi with -drainer 
or as single . drainer. All the 
models are designed : -' to . fit 
standard worktops 2540 mm 
thick. To go with the four units 
there is a -range , of PVC wire 
baskets as well as. as ash chop- 
ping' board.. .There are three 
different' types of basket — one 
for the main town one for the 
half bowl and a reversible plate 
rack/salad drain ei; that can be 
used on a drainer or is a bowL 
The chopping board is revers- 
ible. : 

Fordham Plastics is offering 
the sinks and. bowls, in four 
colours— ivory,- mocha, green 
red, while the wire baskets are 
all white. . •-•••' 

Anybody interested in seeing 
just -what this new material 
looks like (and I , like it veiy 
much, it has a nice’ matt-like 
quality and makes an attractive 
■alternative to itainle» steel 
aqd aluminium ones) will find it 
currently, in- builders’: mer- 
chants. and - kitchen . Specialist 
Shops.; • r ' 

• Pncts fbr the imit' pictured 
kbove . are about '£lS0, single 
-units (like' the single bowl or 
the half, bowl with drainer) are 
about' £59 each, wire baskets 
are' about £30 each, the asbwood 
chopping board is £17 and the 
taps work out at about £44 a 
pair. ' . " ' 1 . . 


Time on uour hands 


ItfflfEX does a sp: 
cheaper end of prices 

start as low as £6£5 andjton’t go . 


A WATCH tens yon as much ahont a' 
man (or womffl) as hia car. Mr Giordani 
at Antlqnarhis La London's Kings Road, 
\riur atpeciaBses In- selling antique 

watches, ■ has learned that there are 
severaidlsriact types who come into, 
bfe Shop^-Rolls-Rqyce drivers he finds 
m&s go for Petek Pbilhpe, Jaguar 
drivem^oose Rolex, Porsche drivers 
don’t J^ve to think too far — they can 
■Just opt for Porsche. Where that leaves 
Mr Foni Cortina, I’m not too sure. 

Fwfthose who are interested in what 
ebe yon are telling the world by the 

- 'watch^yOo. vfear I am reliably informed 
by. flto-'WW.' Harpers and Queen Official ■ 
Slotots^fRanger Handbook that Sloane 
B»ngers .(when they’ve grown out of 

flgfcr wristwatch from Fenwick's ” 
mA- 'have ;not yet acquired an Old 
^onlmt'-liQyfriend to give them a 
'g&nA&e . [Cartier tank-watch) are most 
Il^aefy, to he found wearing a' knock-off 
Gartux-^an^-wMch — “they haven’t got 
arifaBd- to Gucci yet.” 

- iMayfair Mercs will be wearing either 
the Flipper (from Eximi nns, featured 
on- titfe page on June 26) or the Cartier 

' Santos and as for : “ Henry in the City ” 
(a 'guMe to whose taste the Harpers 
and .Queen book also is) — “The ideal 
watch Is o3<V plain and gold, passed on. 


higher than £45£5.<tmXfyoto. can buy a ; . A Cartier would have to be old, and. 

IxnU. ; Vn, mwinul ' *• DnDir Ur warn, rthr Vnu Rntfmwil hnoc’ 


verydecent looking: watch for around 
£20. It is never slow off, the mark at 
spotting the new fashion trends and 
anybody who hankers after the 
glamorous international jet set sort of 
watch bat can't afford.one mil find 
that Timex nsuaUy carries' something 
not too dxssinnlar in its range. 

' Whether you are searching for the 
rather strong and sporty .look or a 
•plain classic face, Timex trill have 
something to offer. Most people trill 
recognise immediately the current _ 

[ fashion trend to pie two watches 
photographed <Aove — the difference, 
ties to the price tag. These have 
matching bfapefets studded with gat 
screws, a quartz analogue movement 
and cost £32 far "tier* "and £37 for - 
“his.” 


RnFex is veiy City' New. Battered hoys* 
Watches are Acceptable if not too pop-y. 
Liicky Rangers produce gold hunters or 
half-hrmters from their pockeEs.” 

.As for the English Gentleman, 
Douglas Sutherland, the anthoriiy on 
the matter, whose boric on the subject 
is published by Debrett’s Peerage, he 
is “ particular about having a good 
watch and takes great pride in its time- 
keeping qualities.” He will have 
nothing to do with what Douglas 
Sutherland «n« the Cartier set-— u gold 
lighters, gold cigarette eases, watches 
with crocodile straps and so on are put 
down as bookmakers or confidence 
tricksters.” • 

H yon look at the wrists of most 


designers or people oh the fringe of 
the design world yon wlU note that If 
rich enough they tend to buy a Rolex 
or a Porsche and if they aren’t (or 
don’t care enough to 'pay that sort of 
money) they will probably. be wearing 
the plainest of plain Timexs or else 
a Snoopy number from a children’s 
shop. 

For those who are interested far the 
current state of the fashion trends, it 
is worth noting that there seems a con- 
certed move away from intricate 
watches with myriad buttons, which, 
do everything but play a sonata and 

whose time-keeping function is rather 

low on the list of desirable properties. 
Lately, there .has been a distinct move 
away from the clever-clever gadgetry 
hack to simpler, more classic designs. 
Switzerland can start counting its 

f run re a gain. 

Yon can tell the really good designs, 
the ones that last and last, by the num- 
ber of writs their companies are 
issuing. Cartier is said to keep teams 
of lawyers living permanently on (he 
fat of the land as they fight to keep 
the streams of imitations at bay. Cer- 
tainly on a recent visit to Milan almost 
every fashionably dressed girl was 
sporting either the genuine Cartier 
Santos watch or remarkably look-alike 
copies. The famous matt-black Porsche 
watch Is now to be found copied, at 
infinitely tower prices, in department 
stores from San Francisco to Tokyo. 
The. classic Rolex oyster has as many 
look-alikes as Rita Hayworth in her 
heyday and the only consolation for the 
originators is that such is the price of 
genuine innovation and genuine 
quality. 

If .any of you are looking for a new 
timepiece of a sort here is a selection 
from the watches currently on sale. 
They all, as you can see, look remark- 
ably like what they are— they don’t 
pretend to be television sets, or alarm 
clocks, or mini-computers, they just, 
prettily and efficiently, tell the time. 


I"-— 




’’ ft 

m 


iH|) 


H 




iHMir - 



ST- 

ijgjjjfj] 


Bill 

151 


Frank Whaatar 


STRANGEWAYS shops now 
stock,, a collection of Emerich 
■ Meerson ■ watches from Paris. 

They have a refreshing sim- 
^ . plicity of face coupled with an- 
. old-fashioned sturdMess and 
plain Arabic numbers which I 
find very appealing. 

There are several versions of 
the. watch— gotdrplated is £70 
while sketched above left is the 
black . enamel~Timmed version 
with white lace and black 
■ numerals at £67. 

■AU are stocked by the three 
Strangeioays shops in London— 
3 Holland Street . W8; 502 Kings 
Road. SW10 and 19 The Market, 
-WC2. ' 

’ Sketched. in the middle is one 
of the growing range of u big 
name ” watches. Pierre' Cardin 
has lent his name and design 
talents to a - collection that 
ranges .firm a. classic round, 
b lack-faced, gqldrimuzed vjatch 


to a selection of the very 
fashionable, studded bracelet 
watches. Made in Svntzerland 
with quartz movements ' for 
accuracy , the version sketched 
above comes from the range 
called Classic 1 (it is easy to 
see why). The face is a simple 
ocai, with a gotdrplated rim, 
white background and black 
Roman numerals. It is about 
£ 160 " and for your nearest 
stockist contact Studio Anne 
Carlton, F Union Street, Hull 
(0482 27019). 

Sketched above right is a 
watch for those who like a 
more "P°P” look. A Harunca 
quarts watch made to Switzer- 
land, the plastic strap comes 
in white, red and naoy. £19.75 
from the fashion jewellery 
department to Harrods, 
Kinghtsbridge. SW1. 


PORSCHE is one of the great classic 
names in modern design and though 
it -has lost some of H rarity-value now 
that you can actually buy a Porsche 
watch over the counter (in the really 
exclusive days you had to buy a 
Porsche car to get given a watch) the 
designs are stiU, to my mind, the best 
modern ones around. For women, 
there is a stunning, rather sport y- 
lookmg quarts watch made from a 
light alloy which comes to oiire, black, 
sable or grey polished ffnishes. For 
men there is an even greater selection 
— ranging from the note-famous 
compass watch to the chronograph 
which has day /date indicator, seconds, 
minutes and hours counter for 
measuring time and speed (a tachy- 
meter). 

Latest designs from the Porsche 
stable is the SL range photographed 
above. The styles are available for 
both men and women — the only 
difference being the size. In the 
photograph is the men's selection. 
Their chief claim to fame is that they 
are the world’s lightest watches. The 
man’s watch weighs under an ounce 
and three-quarters (48.735 grammes 
to be exact) and the women's size 
weighs 39.831 grammes. Both bracelet 
and watch are all metaL They are 
waterproof down to SO metres and the 
face is scratch-proof sapphire crystal 
In black aluminium and olive, 
titanium, aluminium and gold plate 
or solid 18 carat gold, prices start at 
£414 for the black aluminium and 
olive ladies’ watch. . 

They are going into jewellery 
departments and leading stores now 
— if in difficulty Harrods of Knights- 
bridge is selling them and so are aU 
Porsche car dealers. 


'*rv 


y«'/t 

-I.. * ^ 


THE Biggest Watch- in the World is how Loncraine, Braxton & 
Partners describe their latest offering, left— it is, as Is not 
apparent from the photograph, 4 ft 6 ins high and is meant 
to hie hong on the wall. At ahont £14 it is the kind of visual 
, joke that Loncraine Broxton have earned quite a name for. 
Don’t expect it to last a lifetime— It has a quartz mechanism 
hut the strap and casing are laminated board. Most children 
would love it Available in London from Knutz, Russell Street, 
Covent Garden,- WC2; Harrods, of Knightsbridge, SW1 and 
Selfridges of Oxford Street, WL Out of London, find It at 
; Friars Galleiy in Canterbury, Here and Now of Brighton. 



- Antique watch collecting is 
.’becoming' quite a cult these 
days. It an apparently started 
-about six or seven years ago 
when people began turning 
out their attics and Realising 
that old watches, far from 
. being the obsolete objects 
their owners had hitherto 
thought them lo be, were 
actually becoming highly 
-sought-after. Since - then 
antique watch collecting has 
been officially acknowledged, 
so to speak, by 'the auction 
houses which regularly hold 
gales and the inevitable result 
fe that prices have risen 
considerably. 

Giordani at Anti quartos, 
135, Kings Road, -London, 
S.WJ3, specialises in objects 
of the 1930s period and has a 
large collection of antique 
watches always in stock. He 
finds that tastes go in phases 
and that the current craze is 
for very complicated watches 


Clsri -brooks 


(for instance ones which give 
not just the day and' the date 
.but also the month ;ahd the' 
phase of the moon). Clastfi!. 
old watches fay the great 
names like.' Rolex, Jaeger Le 
Coultre, Cartier, and Longiaes 
just, go on and on being 
popular and apart from' any- 
thing else never seem to go 
wrong. 

Prices vange up to as much 
as £12,000 for a really tare 
model but a classic ouster 
-Rolex dating .from the 1930s. 
ran be -had for about £1,009. - 

Two' Of -Mr GiordahFs .cur- 
rently most ' . interesting 
..watches are . photographed, 
-here above left and . right. .On 
the left Is a ladies steeLwatch 
by Le Coultre at £175. -it is 
a back-winding m$del and 
these are also currently very 
sought-after. * 

Ob the right Is .the first 
ever digit?* (in the sense that 


just the numbers show, there 
are no hands — the hours 
rotate in the ent-ont section 
at the bottom, , the minutes in 
the upper cut-out section). It 
never became very popular 
. because of the great difficulty 
people had in telling the time 
but. it is currently enjoying 
great popularity because of 
its curiosity value. Dating 
from the 1930s, made by an 
- unknown Swiss firm, it is 
£ 200 . 

Finally, sketched in the 
'middle is my own antique 
watch — . culled from a Satnr* 

' day morning stall at Camden 
Passage market some years 
ago now, it cost £10. It is, 

1 Tthlnk, very pretty indeed, 
bos a 9 carat gold rimmed 
face and hand-painted flowers 
on the face, ft was a very 
' empmon model in the decade ■ 
between 1910 and 1920 and 
many . models can still . be 
found on antique stalls. •• 


Wankie Colliery 
Company Limited 

(Incorporated to Zimbabwe) 

DIVIDEND No. U5 

The directors today declared an interim dividend No. 115 
in respect of tile year ending 28 February 1983 of 3 cents 
per share payable to shareholders registered in the books of 
the company ait the dose of business on 8 October 1983. 
Dxvidead warrants wiH. be posted on or about 4 November 
1982. The transfer registers in Zimbabwe, the United Kingdom 
and South Africa will be dosed from 9 to 22 October 1982 
izsduatve. 

Zimbabwe non-reSldent shareholders' tax and resident 
individual shareholdecs' tax both at the rate of 20 per cent 
will be deducted from the dtridaui where applicable. The 
dividend is doctored m thq currency of Zimbabwe. Payments 
from the United Kingdom and South Africa will be made 
in -the equivalents pf the Zimbabwean value at the rates of 

exchange ruling at the dose of business on 11 October 1982. 

■» •• 

Estimated results for the half year ended 31 August 1982 
aid the results for the previous half year and corresponding 
previous half year are as follows: 


: • r - Half year 

ended 
31&82 
Tonnes 

SALES • 

Coal 1071579 

Coke- 118452 


UNAUDITED FINANCIAL 
RESULTS 

Trading Profit : 

Net interest and dividends 
receivable 


9000’s 

1831 


Profit before taxation ... — 
Taxation 

Profit after fcaxstion 

Dividend — ..... 


Ehtrnangs per share 
Dividend per stare 



Half year 
ended 
3L&S1 
Tonnes 

1022 546 
109 532 


9000’s 

(402) 

500 


Half year 
ended 
28.2.82 
Tonnes 

1053888 

96261 


9ooo:s 

481 


359 



840 


Cents 

0.38 



In toe 1982 report, shareholders were advised of a serious 
deterioration to the coke ovens. Whilst the situation has not 
improved, efforts continue- to maintain cuke production and 
deliveries to -our customers remain unaffected. 

Discussions are continuing with the government regarding 
tiie company's obligation to raise additional equity of SSJ2 
mfUton, as required in terms of our loan agreement with the 
Xtternational Finance Corporation. 

Progress on the open rest expansion project is satisfactory 
and remains an. schedule. 

■ By order .of the board 
ANGLO AMERICAN CORPORATION SERVICES LIMITED 

Secretaries 
pen J. R. Parker 
Office of the United Kingdom 
Transfer. Secretaries: 
Charter Consolidated P.L.C. 
. P.O. Box 102, Charter House 
Park Street, Ashford 
.Kent TN24 SEQ 


Registered Office: 
70 Samora Machd 
'.Avenue Central 
. P.O. 5 boocT> 08 * 
-Harare, C4 •' 
Zimbabwe': 


'London Offieec * 

' 40 HolbomVViaduct 
.London EC1P 1AJ 


24th September, 1982 









— ■ 12- 


Financial Times Saturday September 25 1&82 


ARTS 


i 


/> 


The play* s the thing ! Londonderry airs , Belfast blues 


■ by b. a, young 

"A Dramatic Revival (iftfr- 
71)." says a sOWicad in Radio 
Times over tiais week's Satur- 
day-Night Theatre and Monday 
Hast. "A selection from 15 
years' of British Tbeatre." 1S56, 
we all -remember, was the holy 
year in British Theatre, when 
the Royal Court gave us Look 
Back in Anger, but what lias 
caused Radio 4 to select those 
15 years isn't easy to say. David 
Turner’s Semi-Detached (Satur- 
day) is memorable in its way as 
Laurence Olivier’s, one un- 
doubted flop, in the . part of Fred 
Midway, a class-conscious Bir- 
naagbam insurance agent who 
uses the matttamonial compiica- 
tians of hfc children to advance 
his social ppd financial situation. 
(Well, there was also Term of 
Trial, ■ in. ' mi rich 'he played -a 
North Country teacher accused 
of indecent assault.) 

Semi - Detached made an 
acceptable Saturday - Night 
Theatre, though it seems to me 
that Roger Hume’s Fred Midway 
was no nearer to achieving, a 
i true Birmingham accent than 
I Olivier was. David - Turner 
seems to have been as class- 
. conscious as Fred Midway him- 
■; self. I'm always uneasy about 
’ plays that make fun of other 

- people's ways of life. Not the 
: - way in which daughter Eileen's 
« prospects and son Tom’s adul- 
•• tery and daughter Aral's foun- - 
-• dering marriage are used to 

promote Fred's career, but the 
-sneers at the semi-detached 
house, the model-railway society 
T» and so on. the whole phonefor- 
tfie-fista-kn ives-Norman cata- 
logue: what makes them any 

— more laughable than cumnmber 
^.sandwiches served in the draw- 
/ing-rooin . by the footman, or 

flsb-and-chips from a paper 


A more worth-while revival 
from those arbitrarily-chosen 15 
"years was David Storey’s Home, 

• dating from 1970. Not Olivier, 
’. but Gielgud . and Richardson 
’gilded this curious play on its 

• first production at the Royal 
11 Court ‘ With those two players 

in the parts of Harry and Jack, 
the two tearful middle-aged, 
-middle-class patients is a home 
-for the mentally-disturbed, it 

• could hardly fail. 

“ It is less moving as a radio 
‘•play, for it was important that 
•you should have the heart- 
[ twisting shock of realising that 
: those two. respectable old men 
'.exchanging small talk about 
[ their lives were actually con-, 
fined as the result of some quite 
unsuitable (though only vaguely 
suggested) offences — "I hap- 


pened to knock a pedestrian 
over in the street," “ following 
little gixis," nothing -ever fully 
explained. It really needs the 
visual element A0 the same, 
the performances • of -Alec 
McCowen and Hugh Burden,, ex- 
changing their telegraphic G5n- 
versa tion, was profoundly mov- 
ing. So too -were those, much 
more outspoken, of Brenda 
Bruce and Elizabeth Spriggs as 
their two lady fellow-patients. 
You can hear this again tomor- 
row; at 2 JO pm. 

' Schiceyk in' the Second World 
Wot. by Brecht, is hardly a re- 
vival at 'all; for tt seems to be 
going on all the time. The RSC 
did it a few years ago, with 
Michael Williams as Schweyk, 
and the National are doing it 
with Bill Paterson; and here is 
Radio 3, also with Michael 
Williams, keeping it warm 
for us. 

Z wish I were, able to see the 
fascination it bolds for so many 
people. Hasek's original 
Schweyk (or Svejfc, as I prefer 
to spell him), the cunning little 
soldier who . uses his mock- 
stupidity to ensure himself a 
comfortable life. Is one of the 
most likeable characters in all 
fiction. But it would take an- 
other Czech to .continue his 
story. Czech humour is unique, 
Breriifs humour is as German 
as can be. 

Moreover, Brecht took great 
pains to see as little as he could 
of the Second World War. He 
wrote this play- in America in 
2943, with the idea that Hurt 
WeQl should make a Broadway 
musical out of it That was a 
non-starter— the version Radio 
3 gave us, translated by William 
'Rowlmson, has music, Includ- 
ing substantial orchestral inter- 
ludes, by Harms Eisler, who has 
also written quasi-op eratjc set- 
tings of .the passages for Hitler 
and. his lot Compared with 
Hasek's stories. Brecht's are hot 
very funny; Schweyk and his 
mates at U Kaliche -pub in : 
Prague take the mickey out of 
the occupying Germans ’ until, 
failing to persuade them that he 
is sick, he is enlisted into the 
German forces and sets off to 
Stalingrad. - - 

He meets Hitler on the way, 
aind Hitler hasn't the least idea 
what to do. next so the whole 
thing ends with one of Eider's 
tuneful songs. The satire 
throughout is pretty blunt; 
Hasek must be turning in his 
grave. But ‘ the production 
(under Clive Bennett and lan 
Cotterell) is lively enough. 


Michael Coveney reports on theatre in Northern Ireland 


;; F.T. CROSSWORD PUZZLE No. 4,982 

A prize of £10 urill be given to each of the senders of the first 
j. three correct solutions opened Solutions must be received by 
- next Thursday, marked Crossword in the top left-hand corner of 
. the envelope, and addressed to the Financial Times, 10] Cannon 
:: Street, London EC4P 4BY. Winners and solution trill be given 
~ next Saturday. 

„ Name - — • 

r 

Address 



r - ACROSS 

1' 1 Metal washing machine? (6) 

4 It causes trouble as an item 
of luggage (8) 

9 Thought it would be back in 
. time (6) . 

•’ 10 He has a little place in the 
country (S) 

>•12 Will lose varied sources of 
. wealth (3-5) 

'-13 Back at sea (6) 

15 Plant where workers strike 
■ for more money (4) 

18 A company on leave (7) 

“20 Retribution seems in order 

- (7) 

21 A very small amount for the 
time of year (4) 

25 Describes a struggle of some 
gravity (6) 

26 Hardly a position of strength 

* (4.4) 

28 Cut to size or followed 
around (8) 

29 Choose not' to go straight? 
(0) 

30 Possibly press one for an 
answer (8) 

31 Buzzers that don't work (6) 

DOWN 

1 N.C.O. arranged battle 
course (8) 

2 A girl not without heart, but 
peevishly impatient (8) 

3 Dashed off to fulfil a secret 
engagement? (6) 

5 One form of trust (4) 


6 Discuss at leisure what one 
'does for a living? (4,4) 

7 His bank- account is often 
misleading (6) 

8 Make a mistake and run for 
it (6) 

11 Clothing strike? (7) 

14 I've cut the. tips for the 
salad (7) 

17 Being rich, we shall have to 
join the party (4-2-2). 

28 Does she: preach so ’involve- 
ment? (8) • 

15 Experiences initial difficulty 

in speech-making (8) 

22' Craft of one in the tailoring 
trade (6) 

23 China's new restrictive 
measures (6) 

24 A sticker for the traditional 
method of roasting (6) 

27 Rigid forms of worship (4) 

Solution to Puzzle No. 4,981 ; 


They order thin®- differently 
in Ireland. Golden periods of 
world drama have usually been 
the product of a stable bour- 
geoisie and secure culture. You 
could hardly claim that our 
own restless times in England 
have produced a great body of 
major plays. Nor would I claim 
the case to be much different 
j in' Ulster. 

j But there are signs of the 
j Irish theatre renewing itself in 
the midst of chaos and con- 
tinuing' civil, as they say, 
unrest. Hugh .Leonard, of 
course, has a new play for the 
Dublin Festival in the first 
week of October. In the mean- 
time. tiie most eagerly antici- 
pated opening on the drama 
calendar was the annual pro- 
duction by the Field Day tour- 
ing company this week in the 
Guildhall, Londonderry. 

It all started two years ago 
with Brian Friel’s Translations. 
Last year Mr Friel translated 
Chekhov's The Three Sisters. 
This year he returns to- a little 
-cottage in Donegal of the sort 
he placed at the centre of 
Translations. The difference is 
that the time is the present, 
the place has been rendvated 
•in the “ authentic '* style and 
a sense of history and the past 
put through the wringer of a 
frantic ; farce. 

The play is called The Com- 
munication Cord, which Mr 
Friel pulls tike mad chiefly iu 
the guise of a junior lecturer 
in linguistics, Tim Gallagher, 
who -has borrowed the cottage 
in order to -impress the 
daughter of a Senator (ho-ho- 
Haughey) for whom God is the 
Republic and the old black 
kettle a revivalist token. The 
moving sentimentality of 
Translations is here exploded, 
and in hilarious fashion, as a 
symptom of the toarist-in-his- 
own- land scape mentality. 

Gallagher's subject is Dis- 
course Analysis with particular 
reference to Response Cries. 
The role is taken with stun- 
ning. self-consuming bravado 
by Stephen Rea. and Joe Dowl- 
ing’s top class production keeps 
the action at full pelt until the 
Interval. Then, as so often in 
farce, ' nobody quite knows 
where to go until the inevitable 
curtain of the cottage collaps- 
ing in a dusty heap. .But for 
80 minutes., the confusions, 
linguistic and physical, . are 
sheer joy. 

. They involve a German 
camper who wants to buy the 
cottage, a deliciously ridiculed 
peasant woman who has claims 
on the territory, and two other 
girlfriends. All the apparatus 
of low-brow farce is cleverly 

Indicates programme 

in black and white 



bo McElhiraWjr and Stephen Rea in 1 The CornmoniottSon Cord * 


BBC 1 


623408 and 8.30-8.55 am* Open 
University (Ultra High Fre- 
quency only). 9.05 Play Tennis. 
9.30 Get Set ttl.00 ** Return of 
the Bad Men ” starring Randolph 
Scott and Robert Ryan. 1227 pm 
Weather. 

1220 Grandstand including 1.00 
News Summary: Football 
• Focus (1225): Rally Cross 
11.05, 2.45. 3.55) Star Tyres 
International Rally Cross 
from Lydden H1U: Champion- 
ship Darts (1.05. -3.55) 
Unipart British Professional 
, Championship from Middles- 
■'brough; Racing from Ascot 
: 1.50, 2.25, 2.55. 3.35>; Crown 
Green BowJs (2.10. 3.15, 3.55) 
1982 John Player Champions 
Trophy from Blackpool; 3.45 
Half-time soccer scores, news 
and reports from around the 
country: 4.35 Final Score,. 
5.10 Donald Duck's Frantic 
Antics. 

530 News. : • 

5.40 Regional Spotts/News 
Programmes. 

5.45 Kun? Fu starring David 
Carradine. 

625 The Late-Late Breakfast 
Show starring Noel 
Edmonds. 

7.15 Blankety Blank. 

"JSO Juliet Bravo. 

825 Summertime Special star- 
ring Shirley Bassey. 

925 News and Sport 

9.40 The Saturday Film: 
“ Klute " starring Jane 
Fonda and Donald Suther- 
land. 

1120 Cannon. 

REGIONAL VARIATIONS: 
Cymru /Wales — 5.40-5.45 pm 
Sports News Wales. - 
Scotland — 1220-5.10 pm Grand- 
stand: FootdMH Focus- (12.35); 
RaHy Cross (1.05. 2.45); Darts 
(125, 3.55); Racing from Ascot 
(as BBC1); Snooker (2.10, 3.15. 
420) Lang's Supreme Scottish 
Masters; 3.45 Half-time scores; 
Rugby (3.50) Scotland XV v Fiji 
— second-half commentary from 
Mtirrayfield: 425 Final Score; 
5.40-5.45 Scoreboard; 1120 
Snooker: Lang’s Supreme Scot- 
tish Masters: 12.15 Scottish News 
Summary. 

Northern Ireland — 5.00-5.10 pm 
Northern Ireland Results; 5.40- 
5,45 Northern Ireland News. 
1220 am Northern Ireland News 
Headlines and Weather; Close. 

England — 5.40-5.45 pm South 
West (Plymouth): Spotlight 
Sport. All other English regions: 
Sport/Regionais News; 


BBC 2 


625 am-3-16 pm Open Univer- 
sity. 

340 Saturday Cinema: “Taras 
Bulba " starring Tony 
Curtis and Yul Brynner. 


worked in: underwear in 
pockets and by the hearth, 
slammi ng doors, false exits, 
identity mix-nps (it would be 
impossible to recount how the 
Senator comes to be labelled 
“Doctor Bollocks”) and the 
tactics of desperatipn. 

The. Slump .sets in when the 
final girlfriend has td' start 
explaining herself and extract- 
ing a' skeleton from the 
Senator's past" The Senator by 
now is stuck in an authentic 
old cow chain,, unable to move 
his neck without almost break- 
ing, it The rapid invention of 
Act 1 disappears in the -clouds 
of smoke that belch airthenti- 
cally forth Jrotn the hearth, one 
more hazard, foi the myopic 
structuralist. 

. These Friel first nights <The 
Communication • Cord opened 
on Tuesday) in the Guildhall 
have become a Jtitual flashpoint 
in the cultural life of the com- 
munity. You couldn't move at 
the bar for poets, politicians 
and assorted theatre folk. The 
whole occasion is a most extra- 
ordinary bash. But Field Day 
get on with the job by .taking 
the play to Belfast next week 
and then embarking on a tour 
all over the countrythat would 
have delighted 1 '* even that 

540 Championship . Darts: 
Unipart British .Profes- 
sional Championship . 

625 The Old Grey Whistle 
Test. 

7.15 News and Sport. 

720 “ L*Egisto " from tie 
Theatre Royal, Glasgow. 
Raymond Leppard's realis- 
ations of Cavalli’s opera 
in the production for 
Scottish Opera. 

1020 Championship Darts.-. . 

11.05 News On 2. * • - - 

11.10 Grand Frjx: The Caesar's 
Palace Grand Prix. 

+I1.45-L35 am Hitchcock: “The 
Wrong Man ” starring 
Henry Fonda and Veto 
1 Miles. • 

LONDON 

920 am Sesame Street. 1020 
Cartoon Time. --4I0A5 Saturday 
Morning Pictures: .“ Abbott and 
.Costello Meet Frankenstein." 
12.15 pm World of .Sport: 1220 
On the Ball; 12.45 Speedway 
— World Long Track Final; 
1.00 Rallying Rothman’s 
Manx: International Rally; 
1.15 News; 1.20 The JTV Six 
from Redcrfr and Stratford; ‘ 
2.55 GolS—The Bob Hope 
British Classic from Moor 
Park, Hertfordshire: 3.45 
Half-time Soecer News and 
Reports; 4.00 . GoVf— The Bob 
Hope British Classic; 4.45 
Results: 

5.05 News, 

5.15 Metal Mickey. 

5.45 The Pyramid Game. 

6.10 Game tor a Laugh. 

' 7.00 Buck Rogers — The Movie 
starring Gil Gerard and 
Erin .Gray. 

8.45 The Bob Hope Classic 
Cabaret in tire presence of 
Princess. ’ -Margaret, 
Countess of Snowdon. 

10.05 News and Sport. 

1020- The Big Match. 

1128 London. News, Headlines 
followed by -Conti neat a 1 
Movie: ’ “Tte ‘ Deadly 
Trap H .‘starring Faye. 
Dunaway,. Frank Langella 
and Barbara *Parkins : 

1.05 am Close: Sit Up and 
Eteten ■ with Michael 
Hordern L -. 

AIL IB A Regions as London 
’ except at the following' times: 

ANGLIA . 

9.00 am • Ssuirio Street. ■ 10.00 

Animal* in Action. 10J6 Tha Flying 
Kiwi. 10.S0 Clapperboard, 11.2Q 
Tartan. T0.2D pm Match of the Week. 
11.30 Journey to the Unknown: 12.20 
are At the End a! the Day. • 

BORDER 

8.30 ant Korn .Kum. • 10.00 Tarzan. 
10,60 Clapperboard. 1120 Space 1993. 
10.20 pm, Metehtime^A top F?m 
Division same from - die ngnfa-west- 
Martin Tyler is the match commen- 
tator 11.25 Ware Welle. 

CENTRAL 

9.10 am Clapperboard. 930 Not 
Just a Pretty Face.' 10.06' Gather Youf 
Dreoma. mao' Saturday Morning 


.legendary trouper . Anew 
McMaster. 

On Wednesday night, the 
party had moved down to Bel- 
fast. where the new artistic 
director of the Lyric. Leon 
Rubin, is pursuing an adven- 
turous policy of new plays on 
contemporary themes. The 
Hidden Curriculum by Graham 
Reid was in fact commissioned 
and first presented by the 
Abbey in Dublin. But its set- 
ting is a secondary school and 
immediate neighbourhood in 
West Belfast. The jokes about 
terrorist activity went down 
very well, repaying the author's 
bravery in cracking them. 

- The play opens with as English 
teacher (Denys Hawthorne 
reading the war poetry of 
Wilfrid Owen to the audience, 
ie, a class of disaffected pupils. 
In the play's centra] scene, two 
"old boys," both unemployed 
and caught op in loyalist activi- 
ties. re-visit the school after two 
years and establish a different 
sort of relationship- with the 
teacher. ' 

As a result -of this meeting, 
the teacher goes out on the 
street and returns with propo- 
sals to change the. curriculum, 
overhaul the remedial teaching 
and instigate a full year’s course 


of 20th century Irish history. 
His case is thrown out by 
reactionary colleagues and com- 
promised headmaster. = ■ 

The construction may be 
sloppy, one or two scenes need- 
lessly repetitive and some of 
the situations — indeed the 
central scene — slightly con- 
trived. But all objections wither 
in the sheer urgency of the 
subject matter, the zest of the 
playing in Leon Rubin's produc- 
tion and the consistently demon- 
strative responses of the 
audience. Actors are applauded 
not for the excellence of their 
playing but for the effect of the 
scene they have created. : - 

There is a dever, -evocative 
design by Ken Holl and, in sup- 
port of Denys Hawthorne, some 
marvellous playing by Adrian 
Dunbar and John Elmes as the 
two bpys and by- -Michael 
McRnlght as a cyhical. street- 
wise and obviously competent 
younger teacher who has. none- 
theless, been defeated by the 
uphill struggle. 

I gather that there are 
several more new .plays on the 
way to Belfast; and the Abbey's 
literary manager is very ex- 
cited about three new Ulster 
writers who wffi be bowing in 
Dublin next spring. 


Barber at Scotts 


BY KEVIN HENRIQUES 

Ronnie Scott's low-slung 
ceiling is alive this week to the 
sound of a style of jazz rarely 
heard at these premises, namely 
New Orleans and early main* 
stream, interpreted with respect 
but not blind emulation- by 
Chris Barber and his Jazz and 
Blues Band, astonishingly mak- 
ing their first appearance here. 

For quite some years now 
trombonist Barber has con- 
stantly widened the compass of 
his band (now eight strong) 
and his concerts have run the 
gamut from early New Orleans 
standards to earthy, bluesy, 
rock-based originals. So his sets 
at Scott’s on Tuesday evening, 
with the accent falling heavily 
and rather one-sidedly on trad 
jazz tunes, came as a mild sur- 
prise and slight disappointment 

There was only one Duke 

Ellington composition — “ Queen 
Bess.” on which the leader 
adeptly handled a cumbersome- 
looking baritone-horn. There 
was an Ellington-sounding 
arrangement of a piece which 
turned out to be Teddy Wilson's 
“Mary had a little lamb." de- 
scribed by jazz historian James 
Lincoln Collier as a “vile pop 


tunc" but here given far fnm 
vile treatment. And there was 
only n brief nod towards con- 
temporary popular music wnh 
a couple oC tunes, from The 
Band which brought into use 
three electric guitars. 

None of the familiar N O' ^ 
portoire— c.s. “ Ory\s Creole 
Trombone.” "Perdido Street 
Blues," . •* Bourbon Street Par- 
ade"— were delivered" - off. 

handedly or complacently, 
ways there was Imagination in 
presentation: just Barber and 
bassist Vie Pin starting' off the 
unpromising "When you wore 
a tulip," gradually joinedby ihe 
others and building it hjj u 
something substantial; the 
muted trumpet of long. serving 
Pat Halcox with bass and guitar 
only on u Buddy Bolden's Blues" 
— here the bines guitar of Roger 
Hill .sounding, jarring; yet. 
strangely . effective, with its 
country feeling. Along ‘ with 
natural zest, gentle humour is 
ever apparent, not least from 
the leader who slyly slipped in 
a sizeable quote from "Moon- 
light Serenade " in his solo on 
“Basin Street Blues.” 


Odyessy on Thames 


BY ROSALIND CARNE 

How delightful it is to Aoat 
through a great city at night. 
If only we had been offered 
some instructive historical com- 
mentarv instead of mangled 
shreds of Homer, amplified out 
of speakers around a pleasure 
i cruiser. 

Ihe epic royage starts with 
an hour-long prelude on 
another. stationary. craft, 
moored at St Katherine's Dock. 
In a makeshift low-ceilinged 
studio theatre we are pre- 
sented with the hero's lengthy 
dressing ritual. Malcolm 
Ingram plays Odysseus, and 
when suitably attired, he scats 
himself Buddha-like to relate 
the Cyclops and Circe episodes, 
busying his hands with elaborate 
sign language: Members of the 
audience (about 50) are then 
required to follow him to Hades 
(downstairs) where we hear 
about the dead heroes. Achilles 
and Agammemnon. 

All this wandering about 
does give a certain immediacy 
to the &eme, and 1 was 
reminded of those marvellous 
children's Hallo’een parties, in 
which each child becomes an 
actor in a pageant around the 
house. So far we could easily be 
inside a house, for there is no 


glimpse of water, and the only 
way wc know wp arc on a boat 
is the faint nausea that accom- 
panies its imperceptible reck- 
ing. 

Out on the open ; Thames, 
stomachs have a chance to 
settle and a comic strain at 
once intrudes. Bank Power Sta- 
tion “capped by black clouds" 
is likened to the rocky home of 
Scylla. and when, at last wo 
reach Ihe Palace of Westmin- 
ster we learn of the leader, 
Circe, turning MP$ into swine. 

Back at Ithaca, we arc 
scuttled onto the other boat to 
witness a most unsatisfactory 
conclusion. Telemachus. repre- 
sentative of dispossessed youth, 
in regulation black leather 
and earring, lolls about, sniffs 
glue, listens to his father's 
ansafone, and finally, staggers 
out. 

The suitors, smartly dressed, 
play TV games and blow up a 
"Bliss Wondeful” sex •doll, hav- 
ing failed to make any headway 
with Penelope. She of course, 
knits, only stirring to make a 
few comments aiKiui inflatable 
women. That's it. Odysseus i* 
still out there, somewhere. 
The entire "performance" takes 
three hours. 



SOLUTION AND WINNERS . OF 
PUZZLE No. 4*77 

Mrs R. L. Adam, 9, Marline ' 
Avenue, Brombo rough, Wirrai, 
Merseyside. 

Mr G: Snowden-Davies. 10, 
Mill Close. Cardiff CF4 5XQ. 

Mr . L. Cartwright, 5. Park 
Court, Pool - In - WharfedaJet 
Otley, West Yorkshire. 



Cinams; ** Tba Lion, lh» Witch and 
[ha Wardrobe " (cartoon). 10 JO pm 
Star aoccar innoducod by Gary Naw- 
bon. 11.20 Thnllar: ” Slaapwalkar.*’ 
starring Darlaan Carr. Robart 8 aaity 
and lan Rddford. 

CHANNEL 

5.15 pm PuIRn’a Pta(i)co. 5.20 Mr 
Marlin. 11-20 Kill Straat Blue*. 

GRAMPIAN 

9.25 aw Falcon Island. 9 JO Saaama 
Straat. ' 1050 Clapperboard. 11.15 
Spaca 1999. 19.30 pc Match Tima. 

11.25 Polica Story. _ 

1 GRANADA 

9.00 am Tba Groovia Ghouliaa. 10.00 
Taman. 10 . SO Clapperboard 10.20 pm 
S coupon: Arthur Mondord introduces 
tap league football lam both sides 
ol the border, Tl .20 Reflections. 11 35 
Star Parade. 

HTV 

9.40 am Ask Oscar. 10.10 Joe 90. 
t1055 Saturday Morning Picture Show: 
"Above Us tbs Waves.'.' 12.13' pm 
HTV News. 5.13- HTV News. 11-20 
Rawhide. 

HTV Cymru/ Wat as — Ai HTV Waat 
except: 5.15-5.45 pm Res Sgwar, 

SCOTTISH 

9.35 am Baila/a Bird. 10.00 Tarztn. 
10.50. Clapperboard. 11.15 Space 1999. 
10JtO pm Scouport. with Arthur Mont-, 
ford.. 11.20 Lata CaU. 11.25 The- 
Streets of San Francisco. 

TSW 

9.06 am Sport Billy. 920 Bind!*— 
One ot Them Daya. 10 JO Teach Your- 
self Gibbansh. 10.S5- Space 1999. 11.4S 
Jotmny’a Anvnal Operas 12.12 pm 
TSW Regional News. 5.15 Newsport. 

5.20 Mr Marlin. 11.20 Hill Street Blues. 

12.20 am Postscript. 72-25 South Waat 
Weather and. Shipping Forecast. 

TVS 

9.00 am Saturday Brief. 9.05 Joe 90. 
9 JO Secret Vallay. 10.00 Sport Billy. 

10.25 " Pteaae Sirl " afflmrtfl John 
Alda rton. Derek Guyier and Joan 
Sanderson. 10JD pm The Saturday 
Match: Fred Dinaeoe- and Gerald 
Sinatadt bring the beat of national 
and regional football action. 11J0 Lou 
Grant. 12.16 am Company. 

TYNE TEES 

9.00 am Young Ramsay. 9JO 
Fantastic Four. fXUO Saturday Morn- 
ing Movie: " Taraan- and The Great 
River-" 12.13 pm -North East News. 

5.15 North East News. IOJO Shoot! 
11.20' Call -Harry Crown. 1.10 am 
Three's Company. 

ULSTER 

10.00 am Cartoon . Tima. . 10.15 
Sesame Street. 11.15 . Stingray. 11.40 
Clapperboard 12fl5 pm Golf Doctor. 

I. 18 Lunchtime* News. 5.00 Sports 
Results. 5.13 Ulwer Nsw*. 10.19 
Ulster Weather. TUP Lou Grants 

12.15 am News at Bedtime. 

YORKSHIRE 

9.00 am'. Fantastic Four. 9JB> -Little 
House on the Prairie. 10.10 Johnny’s 
Animal Operas- T10.35 The'. Saturday 
Moming Picture Showy " A -itld for 
Two Farthings," starting C*li* . John- 
son .and Diana Don. IWfl pm Match- 
time. .1125 The Leeds Folk Festival. 

II. 55 The Waterloo Bridge Handicap. 

RADIO 1 . 

7.00 am Weka up to the Weekend 
with' Adrian John. SJ» Tony . Slack-i 
burn'! Saturday Show. 10.00 jPeuI 
Burnett. 1.00 pm, Adrian Juete (S). 
2M a King In Sow York. (SJ. 2.05 
Paul Gambacdni (5J.vA.00 Walters' 
Weakly (S). 5,00 Rock On (S). 6J0- 
7 JO In Concert (SI. 

RADIO 2. 

8.06 am David Jacobs (SJ. 10.00 
Bob Hop with 'Star Choice (SJ.11. 02 
Sports Desk, 11.08. Kenny the Wunder- 
hind.(S), 1,00. pm- The News Madelines 
with Ray Hudd. 1J0 Sports on 2: 
Rugby Union: Scotland 'XV v Full at 
Murreyfield (3.10. 4.55. SJOJr Racing 
from Ascot et 2-35, 3.06 and 3.35;. 
Golf: Bog Hope - Classic, ot Moor - Park 
(2.00. 4 55. 5.20): FootbotL- HeH-tima 
scores at 3.45. commentary from 4.00; 

5.00 Classified Football: 5£0 Classified 
Racing: 5.55 Football Results. 6.00 
Country Greats in Concert. 7.00 Three 
in a Row '730 Big Band Specfs) (S). 

8.00 Saturday Night is Gel* Night (Si . 

10.00 A Century on Music (SJ. 11.02 
Sports Dealt. 11.HJ Pete Murrey's Low 
Show (SJ. -2.00-5.00 am *ou and the 
Night and the Music (S).- 


RADIO 3 

7J6 am Weather- 8.00 New*. 8.06 
Aubada 9.00 News. 9JB .Record Ra 
view (S) 10.15 Stereo Release (S). 
11.2S BBC Welah Symphony Orchestra, 
part’ 1: David ElKs (S). 11.56. Interval 
Raadmg. 1240 BBC Welsh Orchestra, 
part 2. Rachmaninov. 1.00 pm Newa. 

1.06 -Affetti Spagnoll (SJ. 2.00 
Leningrad Philharmonic Orchaatre (SJ 

4.00 The Fiddler's Fiddler (SJ. 5.00 

Jazz Record Requests (S). 5.45 

Critics' Forum. ' 6.35 Walton and 
Brin an choral music (5). 7.00 Barnard 
Stevens (S). 9.00 The Bronze Horse- 
man (Pushkin's poem), 8 JO Edinburgh 
International Festival 1982 concert, part 
1 : Schubert (S). 9.15 The Moment of 
the Flying F|eh (abort story by Jack 
Trevor Story). 9.30 Concert, part 2: 
Pergolael. Stravinsky (SJ. 10.25 Music 
from Korea <S>- 11.15-11.18 Nawe. 

. RADIO 4 

8-25 am Shipping Forecast. 6-30 
News 6.32 Farming Today. 6.50 Yours 
faithfully- 6.55 Weather, travel, pro* 
grertim* newe. 7.00 News. 7.10 Today’s 
Papers. 7.16 On Your Farm. 7.45 Yaure 
Faithfully.. 730 It’s A Bargain. 7.5» 
Weather,, travel, programme news. 8.00 
News s’ 8.10 Today's -Papers. 8.15 Sport 
on 4. 8.48 Breakaway. 9.50 News 
Sand. 10-06 Conference Special: The 
Liberal Party. 10.30 Dally Service (S). 
1045 Pick of tha Week (SJ. 11.36 
From our own Correspondent. 12.00 
News.' 12.02 pm A Small Country 
Living. 12.Z7 News Qulx (S). 12.56 
Weather, programme hews. 1.00 Newe. 
>.10 .Any Questions? 1.56 Shipping 
Forecast.. ZOO . News. 2.05 Thirty- 
Mrnute Theatre. 2.36 - Medicine Now. 

3.06 WHdWe. 330 The Lord of the 
Rings; by J. R. B. Tolkien ,(S). 4,30 
Dots He Talcs Sugar? 6.00 This 
Coring a end University Business. 5-26 
Week Ending (SJ . 6.60 Shipping Fore- 
cS'si. 5J5 Weather, travail, programme 
news. 6.00 News, soortt Round-up. 
6.16 Desert island Disci (5). 6.55 
In tha- Psychiatrist's Chair: Spike 
Milligan. 74 Baker's Dozen. (SJ. 8.30 
Saturday Niqht Theatre (SJ. 9.58 

. Weather. WJo News- 10.16 Eccentric 
Travellers IS). 11.00 Thi Promise of 
the Land. 11.46 Persona Greta: Johnny 
Morris on humorous characters hr 
fiction. 12.00 News. 

BBC RADIO LONDON 

5.00 am Aa Radio 2. 732 Good 
Fishing. 8.00 Nrws. 8 .M London 
Today. 8.2& Sports Round-up. 8-30 
Travel Round-up. 8.33 The Magic 
Carpet Company. 9.00 News. 9.03 
Book Now. 9.30 Openings. 10.02 -- All 
That Jazz. -11 JO The Robbie Vincent 
Show. 2.02 pm Breakthrough; 130 The 
Great Composers. 5.00 Guideline. $30 
A Month in a Monastery. 6.00-6.00 em 
Join Radio 2 . 

LONDON 

BROADCASTING ■ 

T.OO am AM with Jenny Lacey end 
Magnus- Cartec. 10.00 ^lellybone with 
Clive Bull. 12.00 LBC * Reports with 
Das Fatiy. 1.00 pm .Spa ns watch with 

Dominic Allan. (LOO'IBC Reports with 
Des Fshy.- 7.O0 Geet Male.’ '8.00 Net- 
work. *.00 .LBC. .Specie!. 104)0 fright- 
tine with RicRsrd Beth. 14» en 
Night Extra with Su Nawlaad. 4.00 
Hayes on ■ Sunday.' ■ OO . Decision 
Makers. 6.00 Morning Music. 

CAPITAL RADIO 

7.00 am Breakfast Show — Pater 
Young - 10.00 Pick of the Pops Take 
Two with Alan Freeman. 12.00 Six Of 
the But with Nicky Hama. 2u00 pm 
Duncan Johnson's Afternoon ; Delight. 

5.00 Greg Edwards' SquL Spectrum. 

8.00 A Plain Man's Guido. 8.00 
Richard Dig a nee and Folk Friends. 

10.00 Roots. ‘ Racket* with - .David 
Rodigan. 12.00 Midnight Special— Phil 
Aden. 


CHESS SOLUTIONS ' 
Solution to Position No' 442 
No — both- Alekhine and Ms 
opponent saw that If l..JxP: 
2 PxP, NxP; SJRxN, QxR; 4 QxP 
ch. N-Q2; 5 QtB 6 Ch,' PxQ; 8 
mate. 

Solution to Problem No 442 
. 1 N-B3. H L..P-B5; 2 QxP eh, 
KxN; 3 QQ2 mate. If 

2 B-N8, and if H-K4 ch'; 3 QxR, 
or if R-Q4: 3-Q-K3, or if R-B5; 

3 -Q-K3, or If P-B5 or P-B7; 3 
Q-Q3. 



THEATRES 


AL*eitY. S 836 3476. «.#»?*«• 
379 6565. Grn. bk». 839 M92-JS6 
3962. Eves 730. Ttur 6 Sat _ Mat 
-\IVIR COTTON. jEUZAMTH 
NILDUN OF i IJtOCR «0- 
r ^.. THE YEAR SWET .1981.. 

ELIZABETH QUINN ACTRPJS Of THE 
YEAR In a mv play SWET-1961. 


3.00. .OLIV 


ALDWYCM. SOX Mice 01-836 6404. 

iSi. KKBi 

Its iSAASivnJE" 

ANOY Capp. Direcun be. --JKagvn 
Murray. Crw«t card Hutlleee 01-930 

9232 <■ tinesi. Reduced [ram book I nos 

01-639 2751: ' - ! 


836 


1171. - 
SO.. .«■ 


£4.50. ^3. h. E 1^ -S i&ftil 0 
& Set Met 5J>. OVBI sHF FWIWOR; 
MANUS. Halenc Hanfft M CHAWING 
.ROAD. 


Doreen MMta. 


'•3Z^b£"~X%£. 

Now RreeWlnu. Ooen* September, jo 


437 2663- 
sat 4.oc. 

sr 7 

MOON - 


— — ~by~ CUOord 
2663.- Credit card 


In. ROCKET 

KtrtEw 93 


70 m 


Ring --. 
930 0232- 


APOLLO VICTORIA. QPP. Victor 1«_ Snf. 
01-834 02S3. SePC 30 -Oct 10. Open* 
Sent 30 at 7.30. SimeTsra b oo «no 
perl Oct 4V. SHIRLEY MacLAiNE. Tict* 
Rom £8.80 CC accepted. ; 


*882*0 ln 0, -?HH JW 

LQEWe-S CAMtLOT. CREDIT CARDS 
D1-63S 9385- GROUP SALES 01-379 
6061. LTD-. 5 EASON I NOV 12 TO 
MAY 7- ONLY.- 


BARBICAN. S 01-628 8705. CC 01 -OB 
BB91 (Man-Sat 10 am-S-pm. Sun 1»30-- 
■ I nml. 24-hr Info 01-629 2295. ROYAL 
SHAKESPEARf COMPANY; -BARBICAN> 


THEX 


RSCS NEW MUSICAL — 


POPPY. Reduced price preview tout 7J0 
book A ivrtcj by -Pater NiehoU. m«ye 
by Monty Norman'. Few day wets £54)0 

from 10 am, ' ' 

THE PIT. toot 7.30 THE WITCH OF 
EDMONTON by Dekker. Ford & Rowley. 


BARBICAN HALL. BarMcan Centre EC2. 
CC 0I-63S 8891. Res 01-628 8795. 
Tout 0.00 pin Royal Philharmonic 
Orchestra, Earloe Batte conductor. Jellaa 
Uoytf WWw (cello). RomMi Overture 
The Barber el Se*lll«i HaxOeTr Malic for. 
the Royal FliwoHa: Elgar: Cello Con- 
certo; Dvorak: Symphony No 9 From the 
New World, Raymond Gobbay Ltd Toes 
7.30 ora, fntanurtloaal Rechal Senn. 
OeoBrey Pansona an' 

Allen. 


ROYAL. 
GO&1 


n> 


HAVMAMCET THEATRE 
9832. Group ulm 379 

Sept 27. DONALD SINE . 

DE LA TOUR. RONALD WOCBP 
SHEILA GISH. BILL FRAME. 
MARGARET HAP/LING4. __TRH»A 
JACKSON. HARRY ANDREWS .In 
Uncle. VANYA by Anton CSekhor 
Directed by Chris roolHV FottW 


HER MAJESTY'S. 01-930 6W6-7- Credit 
card Hori/n# 910 6231 4930 4025-6 
Grmtp sain 370 6061 . free 7.30. Sat 
mat 3.0. LAST TWO WEEKS. -IHE 
NATIONAL THEATRE S MULTI-AWARD 
WINNING INTERNATIONAL. SMASH 
HIT. TRANK FINLAY In AMADCUSb; 
PETER SHAFFER. Directed by PETE* 
HAU L With Nlc to. las Grace. . .... .. 

JEANNETTA COCHRANE. 01-242 j040; 
National Youth Theatre in THE CRUCIBLE 
by Arthur Milter. Eves 7 00 pm- M«u 
Today. Thu 6 Frl et 2,00- Last Week 


KINGS HEAD. 226 1916. Dnr 7. SbOftS 

NEIL INNES. EXTENDED TIL 200.. 


LONDON PALLADIUM. 01-437 7371 
MICHAEL CRAWFORD In the. Eroadwn 
Musical BARNUM. Ergs 7.30. MaOWK 
and Sat 2.45. Use the Barnoni HotBnQ 
01-437 2 OS 5. 01-734 8961 lw 
oedlt card reseryabon**.^ MATuKE 
TODAY 2AS. SEATS AT DOORS 
NOW RO O KING TO FEB. S. 19*3. ... 

LYRIC HAMMERSMITH. S CC 01-741 
Today 4.30 & 8.15. Ooens Mae 7 PIS . 
GORDON JACKSON. RUPERT EVERETT. 
MASS' APPEAL by Bill C- Dmris- directed 
bv GERALDINE FITZGERALD. 


lyric TF^^he^he^^re.^ 




od GLENDA 

oeorgina Hale jTsuMMrr cok 
TERENCE. A new play b* Robert DliM 
MacDonald. Over iso eerforeiances- 
Crus 6.0. Man WW s.O, Sats 5.0. 


MAY PAIR. S. CC. 629 3036V 
B OO. Frl and Sat 6 & 9.30. Rtebard 
Todd. Dry-rrn Nesbitt. Carole Mgwian la 
.THE BUSINESS OF MURDER. SECOND 
GRE AT YEAR. . ' 

TUbe 


BLOOMSBURY. Gordon . St 
9629. Sent i7-Oct 2 " 
L . Ere* 7.C " 


Pmxini. 


. 00 . 


fiMFC 


CAMBRIDGE. 01.926 6056(149917040. 

«-SW 

CC accepted. . 


bkus. 01-936 .2X79. 


CHICHESTER FESTIVAL THEATRE. 0243 
Season sponsored or Martini 
A Rossi Ltd. GOODBYE MR CHIPS Today 
2.50 & 7 JO, 


CgyjWM. 5 836 3161, CC 240 .5258. 
ENGLISH NATIONAL OPERA. Ton't, 
25?' WGOLdTTO. Wed 7. SO 

5SE ,** *B* R OF SEVILLE. Thur 7.30 
THE MAOC FLUTE. Seme aaate avail at 
doors each day. 


liter a, sat 5.15. 

<p°* “teWc rnr cMldren). 


MING* 

Sdy of the 




CRITERION. S 930 S216. CC 579 6 SB 3 

JBW 


WSSBBtSMM 


VQSre wrUKul C HI. 

gWBr&MEM 


GARRICK. 5 CC 636 4601. Eves 6.- Mat 

COMEDY^IN® ‘^BUNNOq^ 
Comedy in the world, no szi 

■DWH. 1 Group WM Qlhte- X7Q 

. 6061 .,-., Credit .card.Huotae 930 9M1 


atom: ' tWatre. 01-437 1393 . cc 

esTdsm-.'ttrsn.js^ 

aitkzn. ian 

^WjrssEDn 

Alan Strati, an. 


CH. 01-696 7785- Evtn 7,«S, 
1 . 7.01 Mat Sat 4.0. DEN Holm 

A 'ANGELA THORNE le^nfE 

PARANORMAUST By Jonathan GenJ* 


HA Y MARKET THEATRE ; ROYAL- . 950 . 

LEONARD M^SrnK. _ME L _ MARTI N, . 

THE GAME - 
fay .Anthony .< 




Directed- 


*»"V. LONDJ>N. CC Drury Lane. WC2- 
01-40S 0072 Ot 01-404 4079- E« 7.43- 
-™«. -Hjo S*t J50) * "«. «• Andre; 
yo^-W^ber-y. J. Eliot Award Wki“ng 
mtwJca t .CATS-_ _Gn>up bookings 014 OE 


■1667 .0T D1-370 B06tV 
NOT .ADPVHTTEO WHILE 


aur-jam anJKtk 


M 


aj,“Bd5!sr 

eiEltbiD yartecy or Bond yatae_fOod 
drink Brallable from 5 pm andvoo «* 
.drhjk watching the show I TUs iho 
kvall. Irw TJfket Centre CnarWfl.X . 
Rd by wyndham s Theatre — no **»» .. 
•-Charge or commission. - 

NATIONAL THEATRE, 5 926 2252 

OLIVIER (open stage): Today Z-00 * 7.1S 
. SCHWEYK IN THE SECOND VWU> 
WAR by Brecht. Mon 7.15 GUYS AN® 
-D OLLS. . 

LYTTELTON r proscenium stage): Last J 

Pena. Today 3 00 & 7.4S tnen Ort 7. * 

O miB, 1 1 . UNCLE VANYA by CbekM? 

■JWe.'SL "SS 6 MONDAY PERF , CAN- 
gELLED). WAY UPSTREAM .re-inlM 

corre«.oE tsmaii auditorium— -tew 
tktti: Today 2.50 & 7.30, MOO 7.a6 
DOM JUAN by Moltero. _ 

iJMileW sheao seats air 3 theatre* 
STANDBY In Ori>ter/(,vtteftoa team TO a* • 

M 4*». Car park. R«at*urant 926 2013- 

Credit card bksa 9Z8 5933. . 

NT aho ar HER MAJESTY'S. 


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PICCADILLY. 5 437 4 306. CC;379 

Geo Reds 836 3962. -Eye* 

.HAML8T..0I« BY JONATHAN Ml; 


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13 


• [I^xiExes" 7 Saturday Septeral^- .25’ 19S2 

COLLECTING 


1 i 


SPORT 



BY JANET MARSH " 

VICn^RIANMOUXJ^ED giassis 

one - of . 'Die " few xemftjafog. 
preserves for- the : coHector .with 
less money to* , spare, than 

prrrh rmagm fnr scouting and 

research. Since if -Was mass- 
produced, - durable 'and; msefioV 
die survive rate has been' high; 
and j.;teereV;;has .* never . been 
competition from coRectars nf- 
.finegiass, who. inevitably look 
down on such a popular 
and admittedly often crude 
production: , " . 

. At its best, though, moulded 
glass ware Is robust,- cheerful 
and decorative. ~ It is also an 
oddity among antiques, : since it 
Was . made earlier in the U.S. 
thaD in ' Europe, (did indeed 
constitutes a .notable, pioneer 
effort of American industrial 
production. DezatizgJarves, of 
the Boston amT Sandwich Glass 
Company was, making moulded 
glass by fads patented methods, . 
at least' as early ~as the 1820s, 
and tiie style Is stfH often 
known in America es Sandwich 


There were two basic tech- 
niques for nnmMing- glass. 

' Mould blowing inwdvedTHowing 
molten glass into a three part 
metal mould. In pressmoulding, 
a measured quantity of molten 
glass was squeezed between the 
mould walls end ameted plunger. . 
The difference between the. 
types can readily be detected: 
mould blowing produces a glass 
rif regular thickness, so thatrthe 
shape of the inside of the vessel 
. follows that of the exteriors 
Pressed gXass tends to be 
thicker and has a regularly 
shaped interior, .following the 
simple contours of the plunger. 

Both methods " tended to 
produce a rather rough surfaced 
glass. Ware of the thirties : and 
forttes^-by which tim e.'the 


manufacture had spread- to-. 
Europe, natalffy - . : England, - 
Sweden, France-^nd Bei^tKn— . 
is almost Invariably decorated 
wite stapled grounds, known 
as file “ lacy ^ style, .to; di^et; 
tins disadvantage. Later a form 
of heat treatment, -' known 7 ; as. 
“• Are pofeshlng” gavee scopotioer.: 
finish and permatted greater 
•freedom of design. / . 

. In England, a number 1 '.# 

. manufacturers sprang up In the 
1830s. and 2840s to cater fora 
ready market Much ; <tf. their... 
work was. unsigned; - the . prin- 
cipal recorded manufacturers of - 

the. early period 'Were ito 

Harris and/ George Bacchus of 
Birmingham. Thomas Hawkcs 
of Dudley' and Bichardson and 
Wheeley and Davis of - Stour- 
bridge, always, ah; important 
glass centre. 

The - English - manufacturers 
tended . to imitate cut ■ glass-i- 
' which -was one’of the factors 
that got ' cut. glass a bad name 
.in the late Victorian era. In 
the U.S. and Canada, where 
glass factories also sprang .up. 
in the first "balf of the cenuixy, 
pressed glass-tended to be more 
independent in .design and also- 
more practicaL Coaise, knobbly 
-bottle-green ' oil lamps- that - 
. came in a great, range of sizes 
are today wonderfully evocative 
of North America’s pioneering 
days. 

Uniquely American, too, are 
the “ historical n . flasks', pro- 
duced in vast numbers and 
great variety between .about 
1820 and 1870. ~ Practically 
every major national event and 
personality of this half-century,' 
from Jenny Lind to Lincoln,; 
was commemorated oh moulded 
bottles, which were* also a cheap ; 
and attractive medium of ptdl- 
-tical propaganda. 

: ; In Britain, too. pressed glass 


■73^'; 


. was often .employed ' to" com- 
memorate great events \ Saute . 
of-tfte earliest dateabie glass is 
a series of , attractive - plates 
celebrating the -memorable 
moments ' of Queen Viriom’S 
eariy yeai^-^er Ckxrqiation in 
7J8S7,-her. marriage'- to 1 . Prineft- 
Albert in 1840; and the. birth of * 
-the Prince of Wales'- a- year 
later- : . ■ - ■ ■ . - r i ■ 

- ‘ More frequently _ and' .- more' 

.cheaply encountered . are the 
innumerable plates, sugar bowls 
and other objects made to. mark 
-the Queen’s Silver Jubilee -in. 
1887 and ;the Silver Wedding 
of. the Prince of Wales the fol- 
lowing year. By this time the 
manufacturers ■ had - largely" 
liberated , themselves- . from 
slavish imitation- of. cut glass. 
Geometric arrangenients . of 
diamond facets or -knobs give 
these objects an. attractive 
glitter. : . .. * . ' 

- A variety of vases, .ornaments, 
and novelties were produced to 
give sparkle to cottage mantel- 
shelves or fairground .stalls. A 
model' of a coal wagon in the 
Victoria and Albert Muse um , 
made In Newcastle about 1880, 
recalls the popularity of moul- 
ded glass in tee nifoing Areas 
.of .the North East; where much 

. of it was made. Miniature -boats 
and -paperweights in the form of 
Landseer lions are more often 
found. 

Gaudy when seen in isolation, 
the gum-drop greens and blues 
and yellows of ccdonred pressed 
glass can also be vety attractive 
when displayed' in groups. 
Sowerby of .Gateshead was per- 
haps tee best-known maker of 
“slag" glass (so called because 
slag, or steel furnace waste was 
originally part of its formula) 
and other types of opaque glass. 

The familiar pa i>» blue and 
creamy white of Sowerby glass 


r'v..' r \ .<% •£' . i" 

;-'v -‘-s & 






ppn 

life 


mm 






mm 




Victorian pressed glass sold recently at Christie's, South Kensington 


was in turn adapted^ in the last 
decades of tee 19th century, to 
the fads for Japknalia and art 
nouveau. Sowerby’s rival in 
Gateshead, George Davidson, 
produced glass of distinctive 
primrose and. a blue which he 
marketed as “Pearline.” . 

So far there seems to be no 
shop which' specialises to any 
great extent in pressed glass, ' 
though amnng the elusive itiner- 
ants who appear at one-day. - 
antique markets around the 
London area there is an amiable 
young man who generally has a 
stall wholly devoted to it Shops 
which deal in commemorative s 
can. generally produce a few 


examples. 

Nor till recently was there 
much literature: the authorita- 
tive chapter in Hugh Wake- 
field's 1961 Nineteenth Century 
British Gloss (just revised and 
reissued by Faber at £25) was 
a pioneer study. Two more re- 
cent contributions are C. R. 
Lattim ore’s English 19th Cen- 
tury . Press-Moulded Gloss and a 
chapter In Barbara Morris’s 
Victorian Table Glass and Orna- 
ments. The Shipley Art Gallery 
in Gatebead sells a facsimile of 
the Sowerby factory catalogue, 
which reveals the range and in- 
vention of this 19th century 
industry. 


Private collectors re-enter the arena 


THERE HAS been a tot of - 
loose talk lately of a depression 
in the coin market To be sure, 
it would have been surprising 
if the. modest boom of. .1979-81 
had continued in', the present 
recessionary . cMmate; but 
although the departure of tee 
speculators for more lucrative 
pastures -has brought the prices 
of certain investment material 
tumbling the overall position 
is remarkably buoyant. :. 

Prices realised at- auction are 
generally Sower now -than they 
were a year ago bat this is no- 
bad thing since the genome 
private collector-- in danger 
of being elbowed ..out- ::: has : 
now re-entered the- arena. . 
Auctioneers' estimates ere now 
more realistic and . it is highly : 
significant that aH the. major 
salerooms report.^ a substantial 
fall in the number, of unsold ; 
lots. This trend is matched hy a 
greater percentage of.' postal 
bids now routing , isi tor- each 
auction, as coHectors. fir 
removed from the scene of the 
auction feel able to bid by ipost 
in confidence. 

The true state of any type of 
collecting: can : be gauged by 
three factors— the quality of the ' 
literature published; to sustain 
existing and stimulate fresh 
interest, the frequency , of 
auctions and the range of 
materia] on offer, and the level ' 
of organised activity Involving 
both dealers and collectors. On 
ail three counts I am happy to 


COINS 

JAMES MACKAY 


report that numismatics is 
flourishing 

The first criterion is amply 
demonstrated by the latest book 
to land on my desk. The inter- 
nationalism of numismatics is 
reflected in the fact that: The 
Art of v Coins, and., their 
Photography was- compiled by 
Gerald Hobemtan,' ' a 'distin- 
guished South 5 African coUector,. 
and it was printed in his home 
country, birt published jointly 
by Lund Humphries and Spink 
& Son, both of London. 

. The 'subject matter is, of 
eOurse, truly cosmopolitan, 
ranging - over ' five continents, 
from the Lydian gold staters of 
560 BC to Charles Barber's 
stiver half doHar of 1910. The 
author combines a deep know- 
ledge of coinage,, especially the 
aesthetics of coins, with con- 
siderable . expertise as: a 
photographer. Coins are 
exceedingly difficult to photo- 
graph satisfactorily but Mr 
Hobermari’s photographs, includ- 
ing 329 in colour, are superb. 

In addition, there are . many 
black and white photographs and 
over 200 line drawings, matched 
by a text winch is a gem of 
typography. At £45, this large 


and handsome volume falls into 
tee category of a coffee-table 
book. It is a pity that that term 
has become . pejorative, since 
teds is a splendid example of 
tee genre, - ail too rare in the 
coin wVirW, which will 
undoubtedly prove to be a 
better investment than many of 
tee. modem coins retailed at -a 
comparable sum. 

. As to the state of the auction 
market, ' the 1981-82 season 
ended oh a high note with the 
sale of the Brand collection by 
- Sotheby's in Zurich.' Only, three 
of the 37? lots were unsold and 
the total of £981,613 was little 
short, of the £lm which the 
presale estimates had hardly 
dared hope for. Interest, in the 
Roman and medieval coins was 
particularly noticeable, but it 
•was te£ Swedish lots which pro- 
duced the most astonishing re- 
sults,; with a ducat of Erik XIV 
fetchi n g- £11,520— four times 
the pre-sale estimate despite 
the fact ' that it had been 
pierced for suspension. 

After a summer of quiet con- 
solidation the mood is one of 
cautious optimism. The prices 
of run-of-the-mill material are 
continuing to drift, while many 
of the more, fashionable items 
which make frequent appear- 
ances in the saleroom are much 
lower than they were two years 
ago.. On the other hand any- 
thing of superlative quality and, 
particularly -material which is 
off the beaten track, is in keen 


demand. This was home out 
by the ' Spink sale on Tuesday 
white, opened the 1082-83 
season in fine style, com- 
mencing with 138 lots iff 
Blbemo-Norse silver pennies, 
tee - finest collection of this 
group to come on the market 
for two decades. The Viking 
theme in the early part of the 
sale was nicely balanced hy 24 
lots of silver, copper and lead 
coins from the ertswhile Danish 
colony of Tranquebar in India. 

The season really gets under 
way next month with two major 
events in London. On October - 
8-10 the European Congress of 
the International Bank Note 
Society takes place at the Vic- 
tory Services Chib, Seymour 
Street, W1 — a must for the col- 
lector of banknotes, paper 
money of all Mads, cheques and 
scripophily. On October 15-16 
Coinex *82, Britain's largest in- 
ternational coin fair, will be' 
held at the Europa Hotri, Duke- 
Street, Grosvenor Square, WL 
This fair, the. fourth organised 
hy the British Numismatic 
Trade Association, promises to 
be even bigger and better than 
its predecessors. 

The major salerooms have 
arranged auctions to coincide 
with these events. Sotheby’s, 
are following up their recent 
success in the Islamic field with 
a sale on October 11 of 221 lots, 
of gold coins of the Ottoman 
Empire - and .the republic of 
Turkey and tee following day 




FINANCIAL TIMES 

PUBLISHED IN LONDON & FRANKFURT 


Mod WOor. TW ffcai>d»l T*** UM, fidwa H — e, U> CM^ Stn^t 
1^8»<B7l.T^<» am i »iB )aa503X T K «»H« IW«n^Uw»^ tklqa aM ;Ot ^00 000. 

FMdWt OfA» Ita (EM inu 

Wot CaraiUT. T«K 4L&M3. TaMpfaw*: 799SA E Mmbk F m+w* Bm 7ML T»*r4M0S2. 
Trifflwui 7MB 15T. 


INTERNATIONAL & BRITISH EDITORIAL & ADVERTISEMENT OFFICES 

IMA EM X. VMS 5. Tit 
U327. Ifcfc ZK 796- - - 441-47M. 

W i i ^ j f UE . BOtmU M aa wttfa r team* u mJmt a : Mril M ISmthm Qmutt 
BdL ms ire- 7tkc 338650. Tffe h«, Qmco St. MZ 5W. Teta; 6668U. Tab 
021-«H i »» nujaa e8L 

ni " n l t l " a - 1<L ' n>tlc uric. car r» Ihn win, to jwb, 
mean, t* mas*. ■ __ «m» uf ouao. r± sw sazz. 

■miMte 39 Bor tMai*.1Wx: 23283. FlBC 51Z . ■ 

Haiesu «ot. 

Ban Ata: Sflcw Ptai 7, Ma. 74 «33W Hmm Ttt 20 lfi» 

ArcnU. CmMm CM X»6. Trt M«« am/ M *M k 7S 

39STUL MnM».l*6a, XL 1009. OMf Tdn 

T "*“ 

BtMm 3 SMdb ftwMck St, AANn % Tote . ■ , n ri , r ffiffiJrr- 

Mfafclfc emtrU md^rOe ^SrCa orBt UL Trisc 2200M. T9fc 297 3000. . 

<BKafr4Uft'*Sw<fc* »nfa 030^26 039. 

2bS «8«5 l Tam cai ftHrtan. 

5*r MW 157. 55. TriTC 

AMH9 TMR flUHi •» isrm- SUOgaL'VMi OB 3SU. 

^ C«wM«r. TO** 22S89. T* stl6lll wh , , CMM* jm mK* WM 
311604 . Bill n il ~r ii 7. Tike 17603. Tit 50 £0 88, 


TWO IMPORTANT COIN 
SALES 

Sale 61 , Oct. 7+8, 1 982 

Greek and Homan Coins of fine quality 

Sale 62, Oct. 9, 1982 

An outstanding collection of Islamic Coins 

For the cata/ogues p/ease writer 

MEUNZEN OND MEDAHJLEH Afi, 

BASEL 

P.O. Box 3647 CH-4G02 Basel/Switzerland 
. Tel. 010/41/61/23 75 44 


COMPANY NOTICES 


Alexander Fund - 

'Soofctfc Aannyme 
XnxembooiBi 37, zne NoowDame 
R.C. LnxemboarS N° B 7W5 

Notice of Annual General Meeting 

^Notice ix hereby pven ibu the Anmal Gctwial Mediae «rf ihe Sbaxabdden 
Ht Alexander Fond, a sodetc anouyme organized under the taws of tto Grand- 
puefav ot Lxuemhcniig fthe -FurnTL will be held at the offices of Kwdfeibxnk 
S.A. Lwmbtmrseoise, 43,- Booletatixl Royal. Lnxembourpr, at lLOOftjiu on 
October Sth, 1982.spedfic*By 1 tonheleB6wingpniposes'. •: 

i. Approval of the repots M the Bopd of DStMUWBndmtteSonaoiffABdaoc 
'£ Approcal of tboba tan cetheet mid groOt and loss accowmsatlnnejOth. 13S2. 
1 RatBkatkMifftheco-opUonofaDimetoi; • 

4, Directors fees. ... - . . - t 

5, Obduuse to Uw Duwaore and ibe Statntory Auditor nLKqsecc of toe fiscal 
year coded June 30 Uj. 1982. 

A- maaMrfDitecWttSBdaSmBUwAndh** 

7.. MbceUnneonsbaanetK, 

- Tboooodwciot U»S9»«eli<dfais’Mee6ng^iaBbegomTOd^rthB<iiraranis 

mpmed by law. RcaoIuti«»« the ShareboldMtf Meem® xtatH be passed b y a 
cmplf majority of lhw» present and vofiog, except as i^herwne required _ by 


Bob Hope, golf and hoopla: Ben Wright reports 

Battle of Bob and Bernard 


.of the Fund, each share is entitled to one vote- A Wtaiwi may m any 

are Informed That hy tesdmfctn of Ihe Board of ESredors, 
coupon nn3b» been canceled. TboBoodhf.Direeiom 


. Austrian silver thaler, 1717 

the mitip saleroom will be 
handling 402 lots' of Islamic 
coins, mainly in gold. On 
October 12 Christie’s put up for 
sale a wide range of British and 
foreign coins, including the 
third and final portion of the 
collection of tee . late Sir 
Charles Oman. Spink's sale at 
the Cavendish Hotel on October 
13 gets off to a flying 'start with 
102 lots of Anglo-Gallic coins, 
the finest assemblage of this 
interesting series in over a de- 
cade. The second portion of 
the collection of British colonial 
coins formed by Fred Pridmore 
will be offered by Glen dining’s 
on October 18-19, the strength 
lying in the Straits and Hong 
Kong. 


RACING 

dominic Wigan 


DARA - ■ MONARCH, Sandhurst 
Prince, Mr Fluorocarbon and I 
Achieved are all in the line-up i 
for today’s Queen Elizabeth n 
Stakes -at Ascot, and the mile 1 
event promises to be as fascinat- 
ing as any in the race’s short; 
but eventful history. 

Neither Dara Monarch nor 
Sandhurst Prince ran up to 
their best last time out but in 
the expectation that they will 
be bate at teeir most formid- 
able here I shall be taking them 
to dominate. 

Sandhurst Prince did not cope 
as well as Green Forest and The 
Wonder with Longchamp’s 
downhill right-handed turn in 
the Prix du Moulin .early last 
month ami in the circumstances 
was not disgraced to finishing 
third just ahead of Metyno. Now 
on a course more suited to his 
style of racing arid on better 
ground than was - encountered 
in Franc?, Sandhurst Prince can 
return to the form which saw 
him outdoing Bdk -of the 
Barley and Bel dale Lustre in 
the Waterford Crystal Mjte.- 
Dara Monarch, the impressive 
winner of both th$ Irish 2000 
Guineas and tee • St James’s* 
Palace Stakes, was a -bitter dis- 
appointment to the Waterford 
Crystal Mile. However; .It; tran- 
spired some 24 hours Jater 
that he was already getting 
under the weather with, the 
temperature at Goodwood and 
tee running can be safely. over- 
looked, Quietly folded by his 
astute handler, Liam Browne,- 
on that occasion Dara Monarch 
would not be in today's line-up 
were his connections- not con- 
fident teat he is ready to do 
himself full justice. 

Behind the Lines, a steadily 
improving half-brother to Bous- 
saika. defeated Fast Torpedo 
far more easily at Salisbury last 
lime out than a length margin 
might suggest and David Els- 
worth hopes that the, coll can 
lift the Royal Lodge Stakes. 

ASCOT . 

2.00— Horning After . 

2J35 — -Dara Monarch* - 

3.05 — Swinging Rebel.*** 

3.40— Behind the Lines"* 

- 4JL0 — Sea. Pago 

4.40— Sun Princess . 

REDCAR 
- 1.45— Miss Nelski 

3 .45 — tflrartah 

-5.10— Lucky Ivor 


BOB CHARLES, with a “dull 
and boring” 69, and Bernard 
Gallagher, with a dour and 
fighting 72 were the- joint 
-leadens of the Bob Hope British . 
Classic at Moor Park after two 
rounds. They were 'joiirdy 
seven under par, to lead by one 
shot from Brian Barnes and by 
two from the 24-year-old Irish* 
man David Feherty. 

With the last quarter of the 
field to finish only Mate James, 
seven under after 11 holes and 
Gordon Brand, six under after 
15 boles, looked likely to pose 
any kind of threat to the 
leaders in the club bouse. 

Gallagher and Charles. In 
their- way, are appropriate 
leaders for an event of this 
kind. The hoopla teat sur- 
rounds the actual playing of 
the golf demands concentration 
of the highest order, and no 
one has ever accused either of 
these two outstanding players 
of being deficient in that 
respect 

Both hav« been able to 
ignore the crowds that struggle 
and strain, not for a sight of 
a superbly struck two iron, but, 
more likely, the folds of flesh 
at the bate of Telly Savalas’s 
neck. 

There are, of course, con- 
flicting views as to the efficacy 
of this kind of event for golf - 
to general But the all -impor- 
tant view is that of the punters 
who pay to come to, and they 
have made teeir point with 
great emphasis this week. 

There were around 15,000 
people present at Moor Park 
on both tee first two days, and 
charity is certain to benefit. In 
an interview with Bob Hope 
and organiser John Spurling, 
we were assured that charities 
would receive at least £100.000 
this year, and that the tourna- 
ment, which has lost over 
£400,000 in its first two years, 
would move into the black this 
time. 

There was a distinct lack of 
penetrating questions from 
reporters more concerned with 
birdies than bank accounts, but 
Hope himself seemed satisfied 
wite the way things are. 

Certainly the professionals 
are, who play for a prize firnd 
of £100,000 to increase by 
£20,000 next year. First prize 
i* £15.000 and there is consider- 
able interest in the sufcplot to 
tills tournament concerning the 
battle between Greg Norman, 
Sandy Lyle and Nick Faldo for 
the European Number One spot. 

There are now so many 
exemptions that this is a title 
well worth winning and if 
Norman should take this tourna- 
ment he wonld put himself 
almost beyond reach at tee top 
of the table.' But Lyle, 
currently £15,000 behind him 
and Faldo £17,000 in arrears 
both have hopes of overtaking 
the Australian. 

Norman's wife is about to 
give birth to their first child 
to America and he has said 
that this will be his last Money 
List event. As there are four 
more tournaments open to both 





. ■V ' ■ 

Hope: eternal 



Lyle and Faldo there is a strong 
possibility that if they can keep 
him to their sights this week, 
they will eventually be able to 
gun him down. 

Gallacher’s first round 65 was 
built mainly on a putter given 
to him by one of his Wentworth 
members, a Mr Norman Angell. 
He bad only 27 putts with it in 
his first round but on his first 
hole in the second round he 
missed from four feet to take 
three putts and drop a shot. 

The offending weapon was not 
called into action on the next 
hole because Gallacher chipped 
in for a birdie and thereafter 
Gallacher played holding golf, 
rather than the attacking ver- 
sion he was able to employ on 
Thursday. 

Charles is devastattogly 
hones about his golf. Occasion- 
ally, too much so. as when he 
told everyone six weeks ago 
that he bad acquired a “ twitch.” 
As Charles has long been 
venerated as one of tee worid's 
great putters, be has not been 
able to meet a pressman since 
without tee inevitable questions 
as to his putting stroke. Never- 
theless he has put his problems 
aside the week and claims not 
to have missed anything under 
10 ft 

He had his share of luck and 
nowhere more so than at the 
third. Charles said of his 
second shot that It u kicked and 
bucked and jumped and 
bounced and scrambled to 6 ft.” 
He. of course, luffed tee 
birdie putt and added wite a 
grin “ in other words, teat 
second shot was just not a good 
one.” 

The man lying third. Barnes, 
could hardly be more different 
to character. He- revels to the 
lighthearted atmosphere that is 
engendered by the presence of 
the stms and after his first 
round stayed several hours in 
tee club bouse bar talking to 
whomsoever wished to be seen 
with a celebrity. 

It is just such behaviour that 
goes a long way towards build- 
ing the European Tour and 


Gallaher: dour 

Barnes is an expert at it. He 
said yesterday: “ If there is one 
tournament in the year that 1 
should win this is it. 1 can cope 
wite the razzamataz and hope- 
fully produce somethin” like my 
best golf at the same time.” 

A small illustration of how 
Barnes goes about his business: 
at the end of the second round 
he slipped up silently behind 
the lady marker that had accom- 
panied his match and popped * 
his golf ball into her pocket as 
“ a small token of appreciation.” 
The lady concerned was quite 
overcome. 

David Feherty is one of the 
young hopefuls on the Euro- 
pean Tour who shows every sign 
of building up to a break- 
through. He finished joint 1 
second to the Dutch Open and 
has had three further finishes 
to tee top 10. 

He hits the ball well and has 
had two years apprenticeship in 
America where . he will have 
learned the realities of a golf 
professional’s life. . ■ His second 
round 73, after, an- opening 66, 
leaves him .-well in contention. 

In spite of tee rain which has 
come to be almost an accepted 
if unpleasant aspect of the 
tournament the amateurs are 
still dearly enjoying them- 
selves. None more so than 
Nicholas Norton, a 17 handicap 
member from Wentworth who 
bad the pleasure of partnering 
Gallacher in the first round. 
After two rounds he is 19 under 
par for the . tournament and 
leading the amateur competi- 
tion by a distance. 

Also to contention is the 
comedian Tommy Cannon at 15 
under and, although be Is some 
way down the list the England 
fast bowler Robin Jackman 
should be pleased with yester- 
day’s efforts. He had three 
birdies and au eagle and is 12 
under par for the tournament 

But later, with the course 
almost under water. Marik James 
birdied the last two holes for 
a second-round 66 to add to his 
first round 70. His 136 total of 8 
under par gave him a one stroke 
lead over the field. 


That’s show business, says Trevor Bailey 

Soccer’s lost legions 


I WENT to the cinema to see 
Blade Runner. It is a brilliantly 
directed and well publicised 
science fiction thriller. The 
next day I was at Highbury 
watching Arsenal against Notts 
County. Then home to see 
Charlton Heston in Two Minute 
1 Warning on television. 

These three occasions don’t 
seem connected, but they do 
combine to explain tee catas- 
trophic fall in League football 
gates this season, in spite of a 
marked increase to goals and 
excitement 

My experience of Blade 
Runner simply underlines the 
extent to which entertainment 
tastes in the UK have changed. 
Thirty years ago a film like 
that wonld have had tee cus- 
tomers queueing every night 
outside a super-cinema. Today 
it couldn’t even fill what is 
nostalgically called a flea pit 

Two Minute Warning used an 
American Rules Football final, 
' which a tQ-acted a capacity crowd 
of some 90.000 as a setting for 
an indifferent fictional thriller. 
I The intriguing feature was tee 
civilised behaviour- of the spec- 
tators, for whom the match was 
dearly both a sporting and a 
social occasion. 

They had come to Cheer their 
team and to be entertained, to 
sharp contrast to many of our 
soccer fans who are more inter- 
ested to fighting, and chanting 
dirty songs than tee football 
There was no hooliganism, 
which has turned so many 
people, especially families, away 
from football to this country. 

At Highbury, the Gunners, 
noticeably more adventurous 
than last season, beat a‘ dis- 
appointing Notts. County 2-0. 
Their victory would have been 
larger if their players, with the 
exception of Rix and Woodcock, 
had been able to cross the ball 
more accurately, but just over 
20,000 — 5,000 fewer than the 
Arsenal break-even figure- 
turned up on a beautiful day to 
warm sunshine. This hardly sup- 
ports the plea for summer soc- 
cer, or substantiates the claim 
that bad weather keeps the fans 
away. The total League gates 
were the lowest September 
figure since the war. 

The drop to attendances are 
accompanied by a du zap to sup- 


porters' club pools contributions 
—down 46 per cent over the 
country at last assessment 
Why has this happened? 

This Is where my three ■week- 
end events come together: They 
show a change to entertainment 
tastes. Television has condi- 
tioned us to demand the best 
We can sit at home and watch 
top-grade entertainment witboot 
the “ aggro,” bad language and 
discomfort of the football 
ground. And we don't have to 
spend a lot of money, either. 
My cinema seat cost £2.10. 

The average price for; a seat 
to a First Division ground is 
about '£4 — the cheapest is £2.70 
at Stoke and tee most expensive 
£6 at West Ham. Although 
south and midlands prices are 
noticeably higher than in tim 
north, nowhere "can football be 
regarded as a cheap afternoon 
out for tee family. 

Predictably many chairmen 
of the more fashionable chibs, 
like Peter H&l Wood of ArseuM, 
Arthur Richardson of Spurs 
and John Smith of Liverpool, 
will be calling for that exclusive 
super League at tomorrow’s 
Football League management 
committee meeting. 

But which teams should 
make up tee Super League? 
The logical financial criterion 


would surely be to choose those 
clubs who, - oyer the years, 
commanded large home crowds 
— Manchester United, Arsenal, 
Aston Villa and LiverpooL 

If this approach was fol- 
lowed then Sheffield Wednes- 
day must be a better proposi- 
tion than Norwich, Newcastle 
. than Norwich, Newcastle than 
Watford, and Birmingham than 
Luton. It would also he difficult 
to include Nottingham Forest, 
who had only 11,500 for a key 
fixture last Saturday, or Notts 
County, who have been draw- 
ing even less. This brings up 
the question whether a city the 
size' of Nottingham can ade- 
quately support two First 
Division teams. 

Although the League clubs 
have been forced .by falling 
gates, escalating - ' costs and 
high wages to turn more to 
commercial sponsorship- and 
the pools for extra revenue, the 
trouble is that too many are 
able to take their cut which 
obviously reduces the value. 

Now that the big clubs are 
having their own financial 
difficulties, they can no longer 
afford to subsidise the' small 
ones, which is what is happen- 
■ ing with ■ revenue from tele- 
vision, the football pools and 
the new Milk Cup. 


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Financial Times Saturday Scplun&er 25 19S2 


FINANCIAL TIMES 

BRACKEN WO USE; GANNON STREET, LONDON EC4P 48V 
Telegrams: Fmantfmo, London PS4.Tdex: 8954871 
. Telephone: 01-248 8000 _ 


Saturday September 25 1982 


Not in our end 
of the boat 


UK AND U.S. RETAILING 


A MEMORABLE pre-war 
cartoon by David Low showed 
the then heads of state huddled 
in a smaU rowing boat in a 
stormy sea. At one end assorted 
Balkan and other characters 
ware baling desperately. At the 
other, a collection of silk-hatted 
characters were scanning the 
horizon. 

“ Thank goodness ” one of 
them was remarking “ the leak 
isn't at our end of the boat.” 

■ A modern version of the same 
cartoon would no doubt show 
Mexicans, Argentinians and 
leaders of the non-oil develop- 
ing world trying to stem the 
incoming water, with a bit of 
help, perhaps, from the French, 
the Dutch, the Danes and the 
Irish, but the silk-hatted group 
trying to talke a calmer view 
would not be very different. 

Politicians struggling with 
their domestic problems will 
always fall all too easily into 
the fallacy Low illustrated, but 
an economist is forbidden by 
his discipline from taking this 
closed-economy view to its 
extremes. Thus a Government 
adviser, talking this week about 
the considerably easier prospect 
for domestic policy— real in- 
comes rising, borrowing under 
control, inflation and interest 
rates coming down— still con- 
ceded this his model could not 
deliver correspondingly easy 
answers. 


Underlined 

It has a section called "the 
world" which covers external 
trade and the like. “ The world," 
he admitted ruefully, M is dread- 
ful” 

That dreadfulness was rather 
sharply underlined yesterday 
with the appearance of the 
latest trade figures. The visible 
balance, other than oil, which 
has been pretty near equilibrium 
for some time past, showed a 
deficit in the past three months 
of nearly £lbn. 

The explanation this time was 
not in the relentless rise in 
imparts which has so worried 
trade unionists and the Cam* 
bridge school of economists for 
20 years or more: imports are 
down a little. It was a sudden 
8* per cent drop in the volume 
of exports. If the new figure 
represents a trend — and It has 
been presaged in a whole series 
of surveys by the Confederation 
of British Industry— it repre- 
sents a major leak in our own 
end of the boat. 

Over the past two years, in 
an already declining economy, 
industry has suffered a loss of 
£4.5bn, or something of the 
order of 5 per cem of its out- 
put. in net exports (the 
difference between exports and 
imports). 

What it amounts to is that 
havinc suffered our own 
grievous recession — the worst in 
half a century— we are now 


importing still further recession 
from the outside world, as an 
open economy cannot help 
doing. The recovery in con- 
sumer incomes and spending is 
leaking away. 

Celebrating 

The stockmarket, which has 
been celebrating the improved 
domestic outlook, has had its 
attention drawn to these out- 
side influences in a most pain- 
ful way, in a series of grim 
warnings about profits and trad- 
ing from major companies. The 
contrary influence of Wall 
Street, which is still recovering 
from its desperately depressed 
real values, has kept share 
prices wobbling in a relatively 
narrow range but it still looks 
vulnerable. 

As- interest rates fall, the 
yield on equities is also likely 
to fall; but if this results from 
a new squeeze on profits and 
dividends rather, than a rise in 
price, a more fundamental re- . 
appraisal may be set off. We 
suggested a few weeks ago that ; 
falling interest rates resulting 
from world recession could set 
off a cult of the gilt; but the 
very forces which are bringing 
down interest rates and infla- 
tion are bad news for industry 
everywhere. 

In one respect we are indeed 
fortunate. Thanks largely to the 
revenue from North Sea oil — 
which is itself dependent on the 
continued effectiveness of the 
Opec cartel in propping up 
prices— the Chancellor should 
have something to distribute to 
the economy .in his next Budget 
— eggs which speculation is 
eagerly counting in the nest 
This should give us some local 
protection. 

Deflationary 

In the world outside, however, 
policies are if anything turning 
more deflationary, with an 
austerity budget in Holland, a 
new coalition in West Germany 
after the old one split over- 
spending cuts, -higher taxes in 
the U.S., and developing coun- 
tries forced, whether or not they 
turn to the IMF, to trim their 
imports and consumption to the 
sharply reduced credit funds 
now available to them. 

A financial reconstruction 
which would make possible a 
very large further fall in- 
interest rates could resolve this 
dilemma, but is scarcely even 
under consideration at present 
Failing such a fall, the isolated 
protectionist agitation now seen 
in the U.S. steel industry, or in 
our own transport workers' 
threat to bar imports of the new 
General Motors small car, could 
become a mass movement. 

Saw off our -end of tbe boat 
and turn it Into a raft! It is a 
desperately inefficient . way of 
getting along, but in desperate 
times, it can be a dangerously 
appealing idea. • 


Why Woolies got left behind 

■ By David Churchill, Consumer Affairs Correspondent 


T HE first law of successful 
relating in both Britain 
and the UB. is simple: 
" know your customer and 
change your business accord- 
ingly as spending habits 
change.” 

Yet it is this fundametal law 
which F.W. Woolworth on both 
sides of the Atlantic has con- 
sistently flouted over the past 
two decades. The result has 
been the steady slump in the 
fortunes of one of the world's 
largest and mast famous stores 

chains 

It culminated- this week in 
the American parent company's 
decision to close its 336 Woolco 
discount stores in the U.S. as 
part of a major group' restruc- 
turing and to open negotiations 
which could lead to the hiving 
off of the 1,00 0-store UK Wool- 
worth operation. 

Frank Winfield Woolworth, 
the farm boy from upper New 
York state who started it all 
more than a century ago, would 
torn in his grape. Winfield was 
a ' brilliant retailing 
entrepreneur. 

He was so successful, how- 
ever. that liis- inheritors have 
been able for the past three 
decades to live off the fat he 
created. Malcolm Samuel, a 
leading UK retail analyst with 
Fember & Boyle, says that there 
"has been a resistance to change 
on the part of the mahgement 
who have, implicitly or other- 
wise, consistently sought to 
defend the status quo.” 

Woolworth has singularly 
failed to keep up with the pat- 
terns of retail change in both 
Britain and the U.S. 

Woolworth's has almost 1,000 
High Street stores in the UK and 
some 1,300 in the U.S. (Pre- 
tax profits- in the UK in the last 
full financial year were £2X.8m, 
compared with £36. 4m in the 
previous year. In the U.S., net 
income last year was halved at 
$Slm compared with $161m, • 
previously.) The bulk of these 
are - variety -stores where a - 
jumble of household and con- 
sumer products uneasily rub 
shoulders. When Frank Win- 
field first invented this 
“bazaar” type format it was 
novel: now it is outdated. 

In both Britain and the U.S. 
the structural trend has been 
away from variety stores — to- 
wards discount stores in the 
States and multiple store speci- 
alists in the UK— while con- 
sumer tastes have moved awtay 
from Woolworth's product 
range 

In Britain, some 350,000 
retail outlets generate about 
£59bn of sales a year. The 
trend over, the past two decades 
has been towards specialist mul- 
tiple stores, such as Boots, 
Mothercare, Hepworfhs, Marks 
and Spencer,. Dorothy Perkins, 
and JDoIcis. Just over .half of 
ail retail trade now goes through 
such mutiple stores in the UK, 
compared to about a third, a 
decade ago. 

The main victims have been 
the small independent retailers. 
Ten years ago they had the 
largest share of the UK market, 
but now only about 30 per cent 
of the trade goes through them. 
Trade has also been taken away 
b f the multiples, from the large 
departmental and variety stores, 





!»■. ' ft.-'- -■* 














which have about 7.5 per cent 
of retail trade (compared with 
about 10 per cent ten years ago). 

The stores have, nor lost 
market share as fast as the 
small shops — who were very 
vulnerable in the face of buying 
power of die multiple chains. 
But the decline of the depart- 
mental-type stores continues 
steadily. -Woolworth’s market 
position lies at the bottom end 
of this sector, it offers a 
bewildering variety of goods in 
many different areas and, while 
dominant in many of them, has 
no firm market image in any 
one area. Some of the more 
up-market department stores, 
such as the Debenhams chain, 
have also failed to capture a 
strong market image or meet 
the trend towards increased 
specialisation that the consumer 
has sought from multiples. But 
others, for example,- Selfridges 
and the John Lewis Partnership, 
have prospered. 


In the US, where total retail 
sales are about $I,000bn, the 
departmental stores have also 
suffered, although more at the 
bands of fierce discount com- 
petition than from the rise of 
specialist UK-style multiple 
retailers. In the early 1960s, 
for example, the department 
store sector had the largest 
market share in the UB. — stores 
such as R. H. Macy and the 
stores, including Bloomingdaies, 
which form part of Federated 
Department Stores. General 
merchandise chains, such as 
Sears Roebuck and J. C. Penney, 
had the largest share, followed 
by very basic discount depart- 
ment stores where price and 
price alone was the dominant 
characteristic. 

Yet now it is these discount 
department stores which have 
risen rapidly in market share 
over the past ten years at the 
expense of the traditional 
department store format 


The growth of discounters in 
the UB. began in earnest in the 
2960s .when Kresge, a traditional 
variety chain (similar to Wool- 
worth) moved into the sector. 
Kresge, which has subsequently 
become the K Mart Corporation, 
offered heavy price cuts but also 
positioned itself up-market from 
the basic discounters. K. Mart 
has subsequently developed as 
the largest discount department 
store operation although its 
growth has slowed slightly over 
the past few years. 

The mainstream department 
stores have also moved into the 
discount market over the past 
decade by setting up new 
chains, the largest and best 
known- being the Target chain 
owned by tibe Dayton Hudson 
Corporation. 

It is not -only structural 
patterns that have changed in 
both Britain and the U.S., but 
consumer tastes have -also grown 
more sophisticated. In both 


countries living standards have 
been rising steadily in the past 
two decades, helped by the 
increase in numbers of working 
women: - 

The increase in households 
with two incomes has, even 
during a recession, steadily 
increased the amount of dis- 
posable income with families in 
both countries acquiring more 
large consumer durables, buying 
more expensive clothes, .and 
taking a second holiday. 

• Woolworth’s product range, 
however, bos tended to be in the 
main low-value items — r it 
started, after all, as a store 
where all items were only five 
or ten cents — and ‘has never 
successfully made a concerted 
move up-market. 

Where consumers actually 
prefer to go shopping has also 
changed, to the detriment of 
Woolworth’s High Street 
locations which, in the UK, were 
basically established by the 


THE PROBLEMS OF A MASS DISPOSAL 


HOW CAN a major British 
retailer like F. W. Woolworth 
own properties valued at 
almost £500m (and a four- 
year-old valuation at that) and 
yet command a stock market 
valuation of only £220m when 
the company’s shares were 
temporarily suspended this 
week? 

The rather cruel biri simple 
answer, commercial property 
analysts will tell you, is that 
Woolworth is not good enough 
for the properties and loca- 
tions from which it operates. 
* It would seem reasonable to 
assume, therefore, that the 
prospect of realising some of 
the value Loeked away In 
Woolworth’s portfolio of high 
street stores would form a 
key element in any successful 
bid for the company. 

Equally It would be 
unrealistic to expect any pur- 
chaser, seeking to make the 
Woolworth’s assets sweat, to 
torn this into flood of retail 


properties coming onto the 
market In the first place the 
market would have difficulty 
in absorbing such a mass 
disposal, withe the costs of 
such an exercise. Including 
redundancy payments, would 
be extremely heavy. 

Commercial logic would 
therefore point to a purchaser 
of F. W. Woolworth, retaining 
a sizable retailing operation, 
while a disposal programme 
would need to he carefully 
handled, 

Woolworth undoubtedly 
operates from some very 
attra ct i ve retailing locations. 
There are, however, consider- 
able variations in terms of 
both size and quality among 
the more than 1,060 stores in 
the Woolworth portfolio. 

It is also not the easiest 
of times to be thinking of 
retail disposals. A number of 
Woolworth shops might best . 
be ■ described as "mini- 


department stores.” The 
number of retailers which 
would be able to cope with 
stores of this size, and are 
presently, in a position to 
consider expansion, are 
limited. 

. Woolworth stores, also, 
have a tendency to be deep 
rather than wide; with 
narrow frontages. This makes 
them difficult to break-up into 
smaller shop units and limits 
the scope for redevelopment 

In the part 12 months, 
Woolworth Itself has 
announced plans to sell 31 of 
its stores, scattered around 
the country. The' mixed 
response from the market to 
the sales is perhaps Indicative 
of the reaction that might 
be expected to a huge scale 
disposal programme. 

About half-a-dozen of the 
31 properties have been sold 
and some have fetched very 
good prices in the face of stiff 
competiton among would-be 


purchasers. Others, however, 
appear to be dragging their 
heels 

Stores sold recently include 
Woolworth’s 9,559 sq tt store 
In Bromley High Street, 
bought by Sears Holdings for 
a price thought to .be more 
than. £5zo. Sears intends to 
redevelop the site along with 
three adjoining Bromley 
shops already owned by 
by Sears- Woolworth was 
able to squeeze extra value 
out of the site because of Its 
potential for redevelopment 

Other units sold include 
Woolworth’s * Commarket 
Street store in Oxford, bought 
by Arrowcroft Investments. 
In Edinburgh, Woolworth is 
set to raise around £11.5m — 
compared with a reported 
asking price of £13.75m— for , 
its 60,000 sq ft store In 
Princes Street, being bought 
by Boskafis-Keys. 

Andrew Taylor 


TOP FIVE NONFOOD 
RETAILERS UK 

Turnover 

£bu 

1. Marks and Spencer 2.2 

2. Great Universal Stores L8 

2. Boots LJ 

■L Llttlewoods TU 

5. F. W. Woolworth 1J, 


TOP FIVE NON-FOOD 
RETAILERS U.S. 

Turnover 

$bn 

1. Sears Roebuck 27.4 

2. K Mart 15.5 

3. J. C. Penney IL8 

4. F- W. Woolworth 7,2 

5. Federated Dept. Stores LI 


1950s. Since then, car ownership 
has grown rapidly, making the 
High Street— especially in large 
City centres— less popular places 
to shop. 

Woolworth's has tried to 
match the trends in retailing— 
but always too little and too 
Lte. Thus in the U.S. u 
followed the discount trend 
with its own chain of Wooltc 
Steves, while in the UK it ha; 
sought to try some speciality 
retailing with fast food, shoe 
and sports outlets. But it funds 
mentally cannot— or will not— 
get away from its inheritance 

Yet Marks and Spencer In flu 
UK has shown just what can lj» 
done by creating a firm mark- - - 
image and by efficient manov? 
ment. Its UK sales of flJbr 
are twice those of XJK Wool 
worth, even thought it operas 
from only a quarter, of Woo- 
worth's outlets. Analysis of tt 1 
I9S0-S1 financial positions >• 
both retailers highlights t* 
difference: Woolworth had s?'*- 
Of £86.50 per square foot r 
sales area, compared w : " 
£271.40 for M and R. lfrfr 
gross margin was more tV 
twice that of Woolworth's. wl> ; ' 
operating profits per sqw. 
foot of selling space was F * 
for Woolworths and £23.10 f.' 
Marks. 

If Woolworth in fh« UK is • ' 
survive in anything like 
present form, then drastic sfr 
will still have to be nkr- 
according to other retailers 
City analysts. Such steps wr 
include a major slimming do- 
of the number of Kt«n»- 
probably by as much as he!'- 
and a severe reduction in 
variety of products offer 
Woolworth’s trill ala have ' 
find a new market niche 
than trying to be all things 
all consumers. 

Another possibility could *" 
to move sharply down-nr ’' 
and go back to -very low pri" 
merchandise — “ Nothing o’ - : 

£10" could become the vs ' 
slogan. 

But whatever steps are tak 
it wHl still be a >oaq haul br- 
to retailing success. 


Letters to the Editor 


Inquiries 

From Dr M. Mowlam 

Sir, — Professor Fells (Sep- 
tember 18) emphasises the need 
for a university energy institute 
to provide an uncommitted 
balanced appraisal of particular 
energy problems such as the 
costs of nuclear power. An 
energy institute, he believes, 
would be superior to public 
inquiries, which are not only 
costly and time-consuming but 
benefit the legal profession and 
not the public. 

Yes, in an area as important 
as energy, a university institute 
to help critically evaluate and 
analyse the plethora of infor- 
mation would be very valuable. 
But why should an energy insti- 
tute be an alternative to public 
inquiries? The central impor- 
tance of a public inquiry is to 
provide a forum for the public 
to participate In decisions which 
directly affect them. That rich 
and powerful interests benefit 
from the present system of 
inquiries is not an argument to - 
abolish them but rather to 
democratise the system for 
appointing inspectors and to 
provide government funding for 
'participants. 

Public inquiries and a univer- 
sity energy institute would not 
serve exactly the same function 
and are certainly not mutually 
exclusive. A political decision 
on energy or any other topic 
demands not only an evaluation 
of available data, but also, in 
a democracy, some feedback 
from the public. 

Dr Marjorie Mowlam, 
Department of Politics, 

The University of Newcastle 
upon Tyne. 

Great North Rood. 

Newcastle upon Tyne. 


Participation 

From the Adriser, industrial 
Relations Department, The In- 
dustrial Society. 

Sir,-— May I add a footnote to 
John Elliott and John Wyles’ 
useful article on European em- 
ployee -participation September 


17. That date was, of course, 
the closure date of the Govern- 
ment's consultation on proposed 
UK legislation on employee in- 
volvement. 

These proposals,- that larger 
companies should state in the 
annual directors' report what 
they are doing on the provision 
of information to employees 
and consultation with them and 
their representatives, is a vitally 
important practical prerequisite 
to more high-flown European 
flights of fancy. It has the great 
advantage of both counteracting 
suggestions that in this country 
we have done nothing and also 
providing a corpus of evidence 
that will enable any future 
European initiatives to draw on. 

It is so important that any 
proposals in this area are based 
on what is known* to work at 
grassroots level and not an im- 
portation of a European model 
— however aRuring Che design. 

John Wales 
Peter Bunge House : 

3 Carlton Blouse Terrace, 

5W1, 


Imports 


From Mr J. Wright 

Sir,--! would, like to com- 
ment on the recommendation 
of the Association of British 
Chambers of Commerce, that 
Japanese imports should be 
reduced to 3 per cent per 
annum if Nissan does not. build 
a factory in the UK. 

Some years ago a “volun- 
tary * limit of II per cent of 
the annual market was imposed 
on the Japanese with the sole 
intention of protecting the 
British motor industry. While 
the Japanese have held their 
share, however, the EEC pro- 
ducers have increased theirs 
considerably, even to the point 
of us now accepting vehicles 
from Spain, South Africa and 
the Comecon countries with no 
reciprocal arrangements what- 
soever. . The British motor 
industry share has in fact 
fallen over the last five years. 
What does the' ABCC suggesl 


we do about these imbalances? 

Furthermore, the ABCC 
report does not appear to dis- 
cuss the reason for Nissan's 
reluctance to build a factory 
in the UK. but let me just pose 
three questions: — 

If you were executives of 
Ford, Leyland, Talbot or Vaux- 
hall. would you want, .a Nissan 
factory? 

Why did the CBI, Sir Michael 
Edwardes and others insist that 
any Datsun built in this coun- 
try must have- an 80 per cent 
local content, when most Fords, 
some - Vauxhalls ' and the 
Triumph Acclaim have not? 

How far were the unions 
willing to commit themselves 
to the success of the venture 
by ignoring the restrictive prac- 
tices seen elsewhere in the UK 
motor trade? 

Does the ABCC not realise 
that the real failure in this 
affair has been created by the 
pressure exerted by these 
various groups and that free 
and fair trade will not be pos- 
sible until true competition is 
allowed to exist? 

J. -Wright 
Triad Garages, 

Estcourt Terrace, Coole. 


Divestment 

From Mr J. Burrows 

Sir,— LJoyd’s underwriting 
members win have read the 
.working parly’s consultative 
paper on ownership and control 
of underwriting agencies which 
manage insurance syndicates. 

When divestment was con- 
sidered in parinameot a value of 
£l00m was put on these agen- 
cies. If the voting shares were 
required to be taken up by each 
of the 20,000 Lloyd’s members 
in proportion to their under- 
writing participation in the 
agency^ syndicates the average 
cost to each member would be 
£5,000 — surely within their 
means to acquire. A value 
would need annually to be put 
on .each agency’s shares so that 
an increase or reduction of 


underwriting by a member 
would involve buying or selling 
shores proportionately. Such a 
system would seem to achieve 
all that is required for fiiH 
divestment. The interests of 
names who provide the capital 
would be fully recognised, as 
well as those of the working 
members, and. conflict of in- 
terest would be eliminated. 

Since members’ underwriting 
capacity is limited by Lloyd’s, 
no one member should be able 
to become a dominant share- 
holder wfeth voting control. All 
member's have satisfied Lloyd’s 
“"criteria of -character: and suit- 
ability ”■ on election, and they 
wlH be subject to the council’s 
rules and regulations. 

■ Thus underwriting control 
will be 100 per cent .in the 
hands of underwriting members 
of Lloyd's in proportion -to their 
participation, needless bureau- 
cratic administration will be 
avoided, and fuH divestment 
achieved. 

J. D. Burrows. 

Copyhold, 

Bury, 

Pvlborough, West Spssex. 


Capital 

From Mr B. Oakeshoit ■ 

Sir, — Samuel Brittan (Jobs 
and tihe price of bananas, 
September 16) may be in- 
terested to learn that where 
capital and labour are hot at 
loggerheads, it & possible to 
secure sacrifices by those lucky 
enough to retain jobs and a real 
measure' pf solidarity between 
the employed and tile unem- 
ployed. 

I refer to a set of arrange- 
ments for tiie provision of tem- 
porary' unemployment benefits 
introduced ; bat- '.yet?; by the 
social security .organisation. 
La gu n -Aro, of the group of 
Mondragon cooperatives in the 
Basque provinces of Spain. 

For any. of jts. iaidoff workers 
to qualify for.. . Lagun-Aro's 
benefits, a co-op In the group 
must satisfy a whole series of 


tough conditions. The most eye- 
catching of Chose is one which 
links the pereoentage of the 
workforce in receipt of benefit 
with a percentage reduction in 
their income rates on the part 
of those who remain employed, 
up to'10%* .. 10%T 

- 12%* - 12%r 

20% or more* 20% t 
* Percentage, of workforce re- 
ceiving temporary unemploy- 
ment benefit 

t Percentage income reduction 
which those remaining- in 
work must accept 

A more- general point Is 
perhaps in order. A shift on 
the relative share of value 
added going to profits on the 
one hand and wages on the 
other— a desirable flexibility in 
terms of Mr Brittan’s objec- 
tives — as deafly much easier 
to achieve in a worker owned 
business than in a conventional 
capitalist one. Again- Mon-, 
dragon can provide a striking 
example. Most of the co-oper- 
ates voted last year to capitalise 
a .significant part of whirt the 
worker members would other- 
wise have received as' cash 
Income. The amounts per head 
were In the range £250-£750 
depending on rates of pay. 

Robert Oakeshott 
9 Poland Street, WI. 

Job Ownership. 


Kroners 

From Mr M. Lewis. 

Sir,— The article by Rosemary 
Burr (” Don't be caught by- the 
■kroner”) (September 18) merits 
comment if only to correct some 
of the assertions she makes re- 
garding the performance of the 
Danish kroner and lie overall 
strength of the Danish banking 

system. 

The kroner^ high point for 
1982 was not 13.275 but accord- 
ing to my records from the daily 
quotations from the Danish 
central bank the 13.976 recorded 
on January 13.. . in fact the 
kroner has traded in .the range, 
of 14 to 14.50 for most of the 


first half of 1981, that is, a range 
of around- 4 per cent which 
means that with Jyske Bank cur- 
rently paying around 8 per cent 
more than the present yield on 
a typical building society 
deposit account there is some 
considerable gain even allowing 
. for currency fluctuations. 

Likewise your correspondent 
notes that UK depositors, are 
not covered in the event of a 
foreign bank going bust. While 
this is technically true some 
brief research into the Danish 
banking system would have 
calmed any worries which have 
been additionally conveyed, to 
readers through tills article. Not 
only are Danish banks subject 
to the strictest capital, and 
liquidity -ratios in Europe (and 
possibly the .worid) respectively 
8 per cent and 15 per cent, but 
additional legislation limiting 
banks to purely .bank -related 
activities plus scrupulous 
- foreign exchange regulations ex- 
pressly prohibiting speculation 
(one of the reasons why the 
Danish kroner has recovered so 
smartly during . the past- ten 1 
days) ensure that depositors 
need not fear a Pehn -Square 
or Banco Amtorosiano type situ-' 
ation in Denmark, 

I concede th*-fact that foreign 
institutions promising a “con- 
stantly hist return” would be 
better suited by stating that 
these deposit accounts are -an 
investment and that their value 
can go down as weld as increase 
in vhlue. 

Your car-respondent, however, 
in mentioning that Jyske Bank 
intends to set up a representa- 
tive office in London indirectly 
gives one of the best safeguards 
for any potential UK investor. 
Jyske Bank intends In all prob- 
ability to convert Its office to a 
ftiH branch and lit » hardly 
likely that it will do anything 
to jeopardise Its - goodwIH with 
a centra! bank under whose 
roles and legislation It wiH be- 
come subject 

Mark F. Lewis. 

Odenplrm 8; 

VeUinge, 

Sweden. 


Investment Survival 
1983 and Beyond - 

A ONE-DAY CONFERENCE on Thursday 18 November 198? ' 
at the Phristerer’s Hah, No. 1 London Wall, London EC2 

Investment Strategies for Snrviving Volatile and 
Recessionary Markets. 

Speakers ; wiD Include: 

The Rt Hon Denis Healey MP 

Former Chancellor of the Exchequer and 
Deputy Leader of the Labour, Party 

The RtHoii Enoch Powell MP 
■Clive Jenkins 

■ General Secretary of the ASTMS ' ' 

Walter Goldsmith 

Director General of the Institute of Directors 
DAVID HARGREAVES 
Shearson/ American Express Ltd. - 

NIGEL WRAY . . 

Editor of Fleet Street Letter 
ROBIN GRIFFITHS : 

Stockbroker with Grieveson Grant & Editor of Amateur Chartist 

JJJJf tiw? * banking eoilapre? Should I be in cash now? 
wm exchange controls be brought back? Should I sell 
property . . . now?. Which currency should I be in? Should ^ 
ibuy gold now? Will unemployment reach 5 million ? WiUv 
ms be the era trf the Gilts and Bond markets, or is the equity 
market gmog to nuke, a big comeback? 

other questions widl be covered at too conference : 
which will run from 9.30 to 5.30. 

ms conference is being sponsored by the Fleet Street Letter ' 
«.?Kj£ 1Bl EL d “ umber of seats are available to the 
will include- mornii* coffee; 
tea “d cocktails, and fan 
docume^jition is a50 + VAT (£X7ZJS0). However, tor applies- 

vJ5r (£Us!q0 ) bef0rc 14 °*°** thc fee will be only 080 + 


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FinaBcM . Times ^Saturday Septpnbej 25 ; 1982 


15 




Him 


i reports on how ; the trade in post-dated cheques got out of hand 


-VS*?? 


QYERTHE-TastrtWoy&ars^a 
group :of yoimg men In' Kuwait 
have written an entirelyj new 
chapter in the: hist orypf fanny 

. money: • .;• V • ; 

■ - It- wan. in KazCh \thi^tbe' 
friends ofNajib AHfiatawn per- 
suaded him to take , on nn 

- accbuhtant Najib .'has "been a 
. familiar fignre ; buying and seU- 
-jn^- shares- in-Kuwait ■ ■ for -the - 

past -sertn years! * ‘C' ' 

’What fee accountant saw, after 
severer weeks of sorting , oat a 
chaotic xonte of petsohai records 
by "the sackful, was that post- 
-dated cheques Worth, -no less 
than. KD 5.655m — about £U.$bn 
:.T-had passed. through Na jib’s - 
bands-- with: a pet deficiency - 
. probably exceeding-.KD l.Kra,' 
equivalent to £%a. . ' 

Najib has a cousin, Jassfcm 
Ai-Mutawa, who used to. earn 
KD250 a month Stamping pass- 
ports in Kuwait’s bXHmgratioii 
department. By Jiffy,: be is 
reliably, understood to -barc 
stamped his signature .’on post- . 
dated . cheques worth nearly 
KD 3bn ’leaving a net:deficiency~ 
of about one tfatisd that- amount. '' 
• ' T^e discovery of ttie predica- 
menPof these pro spendthrift in- : 
dividoais over' the summer has 
triggered the, collapse on an epic . 
scale, of a- market at once un- 
official and totally unregulated — . 
a market. which, thrived on post- 1 , 
dated' cheques- to sustain that 
■most sophisticated of all trading - 
bargains, the future' contract. 

- In -a market' place Vs far" 

- removed from- the' futures ex- 
changes of Chicago as. it is" pos- . 
sible to . imagine, enough con-, 
tracts have .been, exchange . to. 
leave- Kuwait 1 today swamped . 
with - outstanding post-dated- 
cheques. They have an esti- 
mated gross value, almost in- 
credibly, .of 'KD 20bn^— equiva- 
lent to nearly $70bn,.or roughly 
the entire- national debt - of' 
Hexido. .' ‘ . 

There are'echoes even firoff 
of. the- South Sea BubMe-^an- : 





"OJher great market boom wfaffth 
flbinished. in coffee houses ’ M 
- &en.ran sway' with itself ';>&■ 
the tiny City alleyways between 
Lombard Street and Corahffl in 
Itl^72p; • • 

■ Abqve all," the affair provides 
a rare opportunity: to-glfi^pse 
the inner workings of that ;?nqst 
remarkable • creation' of . ibe 
.modem, economic order .rr:i(he _ 
super-rich , petrodollar AVfcflEffiWn. . 

Ozi ; the one hand, and des&ite: 
.a. massive, dislocation- of -faedr- 
traditional. economies x ihe Gulf 
states -' remain . profoundly- 
attached to- ' the . traditional' 
values' of Arab society; Kuwait’s 
present " predicament ■ Is one ’ 
, result of this, a finariciarhybrid 
of tbe .old . andtije new. 7 : ■ : - 

_On the other, after nearly a 
decade :of mrdti-biflicfc;' dollar 
surpluses, the private wealth in. 
a., country IflcevKuwait, with 
just Urn' people, is. [truly stag- 
gering. If ; there are few 
countries ip the - world which 
could "have hosted the present 
debacle, . there- are- certainly 
fewer stOI' which could face its 
-aftermath — Hke ..-.Mr:; Bunker 
Hunt reviewing his silver losses 
.'—with relative equanimity. 

Indeed the absence pf one 
single sign of panic is most re- 
markable Kowatt today," 

whether you look into the even- 
ing Souk,- the offices of govera- 
'ment ministers or the views of. 
fsjsvaase individuals. _. 

Any exploration of .tins con- 
fidence must -first detail the * 
events wUdi littered the coun- : - 
try with: cheques -enough for a 
great ’-paper cheese round half 
the Arabian .deseirt. 

The htary began' it- late 1§77, 
after- aq earlier boom and col- - 
lapse in prices on Kuwait's offi- 
cia3 stack merket. Tbe govern- 
ment launched' a - successful 
KD 150m rescue 'Aperatidn. Then, , 
in the metaken belief that it 
•WouW help to preserve an brd- 
erjy'marijet. the: Government re- 
. stricted : the "supply of new’ 
shares. 

“ Bat the private sector's de- 



Insidef the Souk AJ-SEanakh, dealers wait hopefully for better times . . . 


Terry Kirk 


maqd £or domestic in vestments 
went on ©nowing fast ttte same. 
WUlda. month*; • » satisfy this 
demand, tlfe first off a long series 
of companies wag humefted in 
Baifiradn and. other Gulf states, to; 
the South of Kuwait ■ 

Most were, hundreds ^ of tubes' 
oversubscribed as Kuwaitis fell 
oyec themselves Jo. buy. the new 
shares. And once launched, the 
shares -qukrSay, found -their way 
to. Souk Al-Manakh, a ground, 
floor shopping - area in one. of 
Kuwaats less august office blocks. 
Here evolved the unofficial stock, 
market which has created so 
many' problems this . summer. . 

.. Prices soared. There are bath- 
rooms in some, of Kuwait’s most 
de luxe hotels where the red and. 
blue taps produce equally hot 
water ki the summer time. And 
In the Sook’AI-Manakh thediares 

you bought seemed to make just 
as httle difference. Everytidng" 
was a:hot.dcial— not for days or. 


even creeks but whole months 

. on «d. . ‘ -. j. ‘ 

Bahrain International Bank, a 
new issue only ax months ago 
for example, climbed -270 per 
cent in a matter' of weeks. 

- By early 1951, everyone and 
'his' brother far Kuweit wanted to 
buy shares. Western expatriates 
pushed money tato the market, 
using Runtaitis as agents: (Host 
of the companies have by-laws 
restricting ownership to Gulf 
nationals.) 

In the. 40 brokers’ offices of 
, the' Souk, dealers .quickly identi- 
fied two potential constraints. 
Both .were dispelled with con- 
summate ingenuity, exactly as, 
they were* in Garraways coffee 
house in the City of London 260 


First, booming prices 
threatened ■ to kill off the 
“penny stocks” always so 
attractive to small-scale inves- 


tors: One Kuwaiti dinar is 
worth £2 or 1,000 - fils.- Gulf 
shares of a few hundred fils 
enjoyed, a useful, advantage 
over stocks in the official mar- 
ket, typically quoted at KB20-30. 
So the brokers used some fast 
financial footwork to keep it 
that way. 

Gulf Real Estate, to cite one 
of several instances- this year 
alone, had a busy day on March 
29: It gave a one for three bonus 
share issue, then a two for three 
rights issue and topped things 
off with a three for one 1 stock 
split — all on the same day. 

Second, the brokers — and 
their major customers — began, 
to find their supply of cash 
resources /drying up- The com- 
mercial banks simply could not 
lend fast enough to keep up. At 
this point. - the celebrated post- 
dated cheque began to make an 
impact •. . . 


Broker A would arrange an 
immediate unsecured loan to 
trusted customer B. in effect 
by agreeing to find someone in 
the market ready to sell shares 
to B* in exchange for a post- 
dated cheque — and broker A 
would then purchase back these 
shares for cash. 

Increasingly, the Souk began 
last year to provide the basis 
of an entire illicit credit system, 
beyond the control of the banks 
or the Kuwaiti authorities. 

A growing number of inves- 
tors became the proud owners 
of a post-dated cheque repre- 
senting a share sale with a 
sizable paper profit 

The size of this profit 
reflected . the premium 
demanded by them for the onus 
of accepting a future payment 
rather than cash. Herein lay the 
snag— for the premium 
naturally committed the buyer. 


customer B, to a continuing rise 
in the price of the underlying 
stock if his future liquidity was 
to be assured. Premiums soared 
to literally . hundreds of per cent 
against the spot price. 

There is little need to- record 
at length the events that pricked 
this bubble. A final frenzy of 
buying in' April, some ; profit 
taking, a few Iranian brigades 
In Iraq, the mounting antagon- 
ism of the authorities and the 
misfortunes of Na jib and Jassim 
finally did the trick ... the 
network of post-dated cheques 
began to unravel at the end of 
July and share, prices in the 
Souk plummeted through 
August. 

It now remains to explain how 
the Kuwaiti Government intends 
to clear up the mess — which to 
a large extent It anticipated 
during discussions of proposed 
market reforms between Febru- 
ary and June this year. 

Mr Abdul-Latif Al-Hamad is 
Kuwait's shrewd and powerful 
Finance Minister. He has just 
returned from chairing the IMF 
meeting in Toronto, where he 

sa^ he had to spend many 
evening hours on the telephone 
with his ministry' officials. They 
plan to attack the. problem — 
“there will no rescue” says 
Mr Al-Hamad— in three stages. 

First, all the outstanding 
cheques will be registered — 
perhaps KD 20bn worth of them. 
Next, the authorities will dear 
as many cheques as possible 
with the full benefit of netting 
and liabilities. They expect 
this to expose net deficits 
off each individual’s assets 
of about KD 7-8bn — representing 
cash “overdrawn” from the 
system, that is to say, and ex- 
pended elsewhere by the 
individuals concerned. 

At this point the Government 
intends quite arbitrarily to dis- 
count the face value of all the 
cheques by an amount 
equivalent to 80, 90 or even 100 
per cent of the forward 
premiums they were written to 


include. Thqse that can then 
possibly he paid— if not without 
some cajoling — will be settled. 
Those that cannot will be set 
to one side. 

Mr Al-Hamad thinks KD 2bn 
might be a reasonable estimate 
of this residue’s total value. 
The authors of these cheques 
"will certainly go to gaol.” 
And the recipients— expecting 
profits to the tunc of a total 
equivalent to nearly $7bn— will 
have to lake their losses. 

This might be thought a 
remarkable strain upon the 
social fabric of a country of 
only lim people. But almost 
no-one in Kuwait appears To 
fear for the consequences. It 
will be,' says Mr Al-Hamad. “a 
bad experience but part of the 
growth process.” 

A primary clue to the pre- 
sumed strength of that social 
fabric lies in the very nature of 
The post-dated cheques them- 
selves. For the fact is, post- 
dating in Kuwait is a legal 
nonsense. 

The country's banks must 
honour cheques as and when 
they are presented. Their date 
has alwajs represented nothing 
more than a seal on the personal 
understanding between the two 
parties to the cheque. Yet the 
system lasted almost two years. 

This extraordinary degree of 
mutual trust and business in- 
formality will now be drawn 
upon to support an equally 
informal solution by consensus. 
And h will be reinforced by the 
strong undercurrent of pater- 
nahstism exercised in Kuwait 
by a dominant dozen or so tradi- 
tional ruling families. 

Finally, the Kuwaitis arc 
probably right In their assess- 
ment that their's is a society 
able to absorb the problem. It 
still consumes a ton of gold a 
month and should indeed have 
little trouble writing off puta- 
tive profits of several billions 
over the next year or two. 
Everyone always knew, after all. 
that it was only funny money. 


Weekend 
. Brief 


Disk Francis 
focuses 

on the City 

Even at this distance you .can 
hear impatient sheets fifam foi- 
lowens of novefc about horse 
raring “.over ,tbe stAcfcs/’- 
fts p p ciaHy as we- are. now in the 
early stages of the 1982-83 
National Hunt aeaspn. ' • ~ 

Dick Francis fan s are Hiring 
up in their, startingetalls ag^jn, 
ready’- to race for hte latest 
story. . ’ r 

They will fret and fuss until 
October II, when tbd publishers 
raise the tapes and Banker 
starts jumping over besfceeUer- 
lists. The new book has already 
cleared -Jumps which include a 
Crunewritefs’ . _ . Association 
Mystery Guild selection, a W. E. 
Smith “Topi Twenty Titie,” and 
a Reader’s Digest Condensed 
Book. . 

Pan Books .. paid moire ■ for 
paperback rights than for any 
other tale — 21 of them: now„-ri 1 
in the Francis stables.' The UJS. 
publishing house of . Putnam has 
placed $200,000 worth of action 
on ah American -.edition 
Kheduted ltrter this year, . It is 


better than' even money that 
punters and punsters alike wiM 
be cheering a winner. 

- City (types may twitch; roll- 
ing their eyes at a title which 
might' seem to suggest that 
commercial success as a writer 
of horsey thrillers has some- 
how conferred upon, a man who 
was the Queen. Mother’s jockey 
sufficient - financial acumen to 
audit " stumbles and soUls— 
imaginery of course— at Barin g 
Brothers or Warburg’s. 

.. Dick Frauds^ who works into 
his raping stories a particular 
profession for each hero— 
Reflex featured a photographer, 
for example— settles bdre upon 
merchant banking. . 

' Members of the “ square mile 
^dubS may relax more readSy 
with the book for an assurance 
flat Banker refers to “banker 
bet”: In racing jargon, a^weH- 
. fancied runner for guys and 
doHs Vfho 'oount on recouping 
. their losses— bets blown on the 
fhit ffvif raices-r4n a. single 
golden' gallop to a hod. , Oily, 
tinhorns (a braggeo*' in Damon 
Runyon parlance) get this sort 
of tip^stxaigbt from the horse’s 
month. , . 

, Vick Frauds wiH return from. 
.South. Africa, wbpre he is pro- 
moting the ‘ book, in time for 
.publication day, and for three 
raws on October 13 at Plumnton 
which his publishers have 
sponsored in bis honour. One 
of them is a Memorial Steeole- 
chase Handicap commemorating 
the, late Anthea- Joseph, former, 
chairman of Michael. Joseph. 
She had edited Dick Francis for. 
20 yea^. ' two other spop-_ 



Francis despondent after his horse fell In the W56 Grand National 


sored races . respectively cele- 
brate his latest book and its 
immediate predecessor; this 
season, Twice SHy. There will 
be a splendid lunch; and Dick 
Francis wiH present the prizes; 
together with signed copies of 
bis- new book to. jockeys and 
lads, trainers and owners, of 
winners on four legs. 

Lord Chesterfield, lecturing 
his son by letter in April 1749, 
listed ^horse-races” among 
“pleasures that degrade .a 
gentleman.’’ Few would endorse 
the - censbre; certainly not a 
gentleman' who was Champion . 


Jockey in -the 1953-54 season,, 
rode the Queen Mother’s 
Devon Lodi in the 1956 Grand 
National (the horse fell a few 
steps from victory), and wrote 
an autobiography called The 
Sport of Queens. ' Racegoers 
-would laugh at his late lord- 
ship. So would millions of fans 
reading Dick Francis thrillers 
in English, Swedish, Dutch, 
Icelandic, Czech axil Japanese. 
And so also— it may be safe to 
bet on it— would a Queen or 
two. , 

Banker published by Michael 
Joseph, at. £7.93. _ 


Las Vegas 
feds the 
squeeze 


At first glance there is nothing 
to suggest that Las Vegas is 
going . through, a bad patch 
these days. The neon in this 
brash desert city does not just 
glow, it glares. The blackjack 
tables still opera re night and 
day; ttte' ‘Star names still .litter 
the _ billboards; the hookers, still 
cruise the Strip: in voracious 
shoals— “but Las Vegas is 
nervous. Used to a growth rate 
in visitors nf around 20. per 
cent a year this great monument 
to self-iaduteence is having to 
make do with 7 per cent. 

Nevada’s gambling take was 
up only 5.5 per cent last year, 
mueh less than Inflation .and 
indicating ’that visitors are 


spending less these days. 

But “ less ” is hardly a word 
whidh leaps to mind in Las 
Vegas. The city still .reckons to 
get $5bn a year from its. tourists. 
They leave their money in', the 
casinos, tiie bars, the shows and 
the restaurants. The problem is 
that they are not leaving enough 
now. At least one hotel on the 
Strip Is trying to renegotiate its 
mortgage and most are trying 
ito cut back on the- huge «uns 
. paid to the stars who feature 
in most of -the Shows. ... 

Part of the Las Vegas 
problem is that it-S a long way 
from anywhere. When air fares 
rise, petrol prices hurt and 
customers have less leisure cash 
anyway. Vegas has to fight for 
business. . It is hardly .-a secret 
that tire new.: East .Qoast 
gambling centre . of Atlantic 
City has soaked 'up some of 
Nevada’s traffic. Most of the 20 
pOr cent growth in Aifierfcan 
' gambling.' tills ye®r (to a. pro- 


jected total of $4bn) will go to 
tito New Jersey resort 

But Vegas is also finding that 
the. number of people who can 
just dump the kids for a week 
and head for the tables ' Is 
falling. Today's visitors want a 
place .where tbe sub-teens can 
he • happy too. When a family 
can take only one holiday a year 
they may give Vegas a miss and 
head for the beaches instead. 

- "Our competition is Disney*- 
land and the economy” says 
the head of the Vegas Hotel 
Sales Managers’- . Association, 
Mr Tom Jones. “As our com- 
petition changes, we have to 
change. Las Vegas has been 
standing still. ” 

So Vegas is planning a series 
of moves to make .sure the 
goose does not stop laying' 
golden eggs. Within a couple 
of years work will start oh a 
“theme parte" to rival Disney- 
land.’ Vegas ala? wants federal 
approval for a duty free zone 


so That foreign exhibitors at 
its exhibition centre (the 
biggest in the world, of course)' 
can -bring products in without 
customs problems. And, above 
all, the dty fs edging its way 
towards a 250 mph rail link to 
Los Angeles that would put 
Southern California only an hour 
• away. 

A $270,000 study of Japanese, 
British and French high speed 
rail • systems, as wen as 
domestic offerings, has now 
recommended one called the 
1 Magiev." It suspends the 
carriages magnetically and 
whisks passengers along an 
.elevated trainway. With the rail 
link; the. new attractions aimed 
Vat children and a hefty further 
push at the convention market 
-Vegas is planning a major come- 
back. As Jones says: “ We have 
realised that we are not the 
only show in town.” 


Rattling the 
Rolls-Royce 
network 

The very rare, occasions when a 
Rolls-Royce rolls down one hill 
and can hardly get up the next 
ran be heart, and cheque book, 
clutching episodes. 

That’s not too surprising 
when lire latest car. the Silver 
Spirit, costs £53.000. A basic 
engine alone will take care of 
£9.000. 

Rolls is, of course, more 
generous with its warranty than 
makers- of lesser breeds; Jt 
covers three years and. 50, Qw 
miles— and ;«ven after that it 
tends to take at generous view 
if something goes . wrong that 
shouldn’t. -' 

But the. Rolls is expensive to 
cun, even. , when nothing goes 

amiss. ,\ V 

Four years ago, : Peter 
Katcnton and. Larry Hawkins 
decided that it need not be 


quite so costly, and rented a 
workshop bay in Chelsea to 
make their point . : ■ 

Tbe Chelsea Workshop, as 
their venture has become, now 
bas 18 employees* services and 
mends 2540 Rolls a week, and 
turns over about £400,000 a 
year — from the workshop, from 
a body .repair plapt opened 
more recently hi Wandsworth, 
.and a fledgling RoUs-Rbyce and 
Bentley sales operation which 
began recently. 

The two men have rattled the 
official franchised network; in 
piart because they are relatively 
cheap. -A conventional 6.000 
miles service costs, about £125, 
just over half the charge at a 
franchised outlet, even though 
they have .to* buy their parts 
from Rolls-Royce distributor. 

' But That, clearly, does not 
explain why on a recent rail 
to the Chdlsea premises, two 
well-known and not. .extactiy 
penurious public figures bad 
just dropped off their cats , for 
repeat servicing; nor does it 
A«pTafai what the sand-filled car 
■with rather regal Saudi plates 
was doing there. 


• Hawkins and Eatentov refuse 
to discuss publicly either their 
customers by name, or the 
manner in which Rolls-Royce 
and its official distributors con- 
duct their own businesses. 
What they do concede is -that 
there is only one way of going 
about the job: as set out by 
Rolls itself, using only its parts. 

Each has 10 years’ experience 
as Rolls-Royce; both' served 
their apprenticeships there. A 
basic condition of employment 
is that all their mechanics must 
he Rolls-Royce trained’ as weiL 
Neither tikes to talk - about 
poaching, bat .... . 

The two men -also believe 
that Rolls - Royce owners’ 
pockets’, are not- bottomless. 
There are, says Hawkins, a lot 
of people who can afford to buy 
an older model, hot who can't 
really afford to run It. 

Unquestionably, they have 
made inroads into what" was 
once the most comfortable 
franchise in the world. 

There was a time when Rolls- 
Royces sold themselves and 
fetched a premium of £10,000- 
and sometimes higher. Servic- 


ing and maintenance was also 
a comfortable _ affair, the 
chauffeur took the car in and 
no matter what the bill the 
cheque was signed almost as a 
matter; of course. 

Not any more. Rolls-Royces 
are depreciating by £10,000 or 
more in their first year, and for 
the first time, too, dealers have 
been resorting to such uu- 
genteel tactics as offering In- 
terest-free “hire purchase” 
and actively pushing for after- 
sales business. 

Not- unnaturaly Rolls-Royce 
says owners should -go to its 
franchised outlets. “ Jt" s our 
-belief that an outsider’s job 
can't be quite the same— he 
doesn't get the workshop 
manuals or the regular j service 
bulletins.” But if it is not 
exactly prepared, to help the 
Workshop, it does , not seem 
inclined to Under it. 

Contributors: 

Gay Firfh • 

■ Arthur Sandies 
- John Griffiths 


TODAY: Mm Margaret Thatchef- 
coatiooes visit to China. 
TOMORROW: Mrs’ Thatcher 
visits Hong Kong. 

MONDAY: • CRI ' publishes 
monthly trends inquiry for 
September. EEC Employment 
Ministers start two-day informal 
meeting in - Copenhagen. ' EEC 
Political Co-pe ration meeting. 
New York. United National 
General Assembly opens. New 
York. . International Cocoa 
Organisation talks start, London. 
Labour Party conference opens. 
Blackpool (to October I). 
TUESDAY: New vehicle regis- 
trations for Augusts Overseas 


Economic Diary 


Travel and tourism figures for 
July, EEC Economic Committee 
two-day plenary session opens in 
Brussels. Health and Safety 
Commission considers regula- 
tions on asbestos use. Sea Fish 
Authority statement. West Mid- 
lands CBI statement on' pay. 

WEDNESDAY: Quarterly 

analysis of bank advances for 
mid-August. Second quarter 
figures for personal income, 
expenditure and saving, indus- 
trial and commercial companies 
appropriation account Election 


of Lord Mayor of London, Guild- 
hall. Health and Safety Execu- 
tive statement on fatal transport 
accidents. Mr Thatcher meets 
Mrs Indira Gandhi, Indian Prime 
Minister, in New Delhi 

THURSDAY: Bank of England 
Bulletin published with second 
quarter figures for UK banking 
sector; financing of Central 
Government borrowing require- 
ment: and the money stock. 
Energy trends. August final 
figures for unemployment and 
unfilled vacancies; employment 


in the production industries in 
July; overtime and short time 
working in manufacturing indus- 
tries in July; and stoppages of 
work due to industrial disputes 
in August. Mr Gordon Richardson 
Governor of the Bank of Eng- 
land, opens London International 
Financial Futures Exchange, at 
Royal Exchange. Sir Kenneth 
Corfield, Engineering Council 
chairman, makes major policy 
statement 

FRIDAY: August final figures 
for car and commercial vehicle 
production. London gold futures 
market special meeting to con- 
sider changing contract currency 
from sterling to dollars. 



Rothschilds Foreign Currency Fund 

Old Court International Reserves Limited 

The annual return 



the potential of 
currency investment 


' 01# Court International Reserves 
Limited offers- shareholders: 

• -.a high rate of return compared 
with conventionaf bank deposits 

• a conservatively deployed and 
economically managed deposit 
service in- the currency of their choice 

• • the widpsf range of currencies 
(with a . Yen -class of share to be 
introduced shortly) 

Net assets have again increased 
from US$67,000,000 at 30th June. . 

1 981 to US$295,000,000 at - 
present. 

A copy of the Company's accounts for the year ended 30th June 1 982 
may be obtained from: 

Old Court Internationa) Reserves Ltd 


CURRENCY 

X RETURN IN STERUNG 
TERMS BETWEEN 30.6.B1 
AND 3D. 6.82 

U.S. Dollar 

• +28.52 

Canadian Dollar 

+21.24 

Italian Lira 

+21.10 

Dutch Guilder 

+20.17 

Deutschemark 

+19.14 

Singapore Dollar 

+18.89 

Swiss. Fi^nc 

+14.80 


Sterling 


+13.94 


French Franc +12.76 

Belgian Franc (financial) — 2.71 


N M Rothschild & Sons Ltd 
New Court 
St Swithin's Lane 
London EC4P 4DU 
01-626 4356 


St Julian's Court 
St Peter Port 
Guernsey Cl 
0481 26741 ‘ 


This vdvsrtuiemanr doss not represent an invitation to subscribe for or purchase shares of OW Court (ntvmatfonaf Reserves 
Limited. Shares may only be acquired on the basis of e current prospectus sod application form, which are available either 

from the Company or from N M Rothschild ft Sons limited. 






Companies and Markets UK COMPANY NEWS 


Financial Times Saturday September 25 19 S 2 * l 

BIDS AND DEALS > 


K V 




Aurora swings back into the black 


ALTHOUGH SALES fell from 
. £58.78m to £55Jl5ro, Aurora, the 
Sheffield-based general and preci- 
sion engineer, has swung back 
into profit. In the first half of 
1982, pre-tax profits were 
£283,000 against losses of 
£321,000 which Increased to 
£5 .24m at the year-end. No' 
ordinary or preference dividends 
are again being paid. 

Operating results from con- 
tinuing operation, excluding 
Aurora Steels were lower at 
13.05m, compared with £4^2m. 
Aurora Steels' operating profit 

was £108,000 against losses of 
£890,000. Group operating profit 
is after £414,000 (£28.0001 of 
exceptional charges for redun- 
dancy in continuing operations. 

There was a nil contribution 
from companies sold or closed in 
1981, but this year there have 
been losses of £142,000 in this 
respect As a result trading 
profits ware up from £2.3m to 
£3.02m. 

Pre-tax profits include 
associates, £177.000 (£158,000), 
but was after interest charges 
up from £2.68m to £2.91m. First 
half tax was considerably lower 
at £316,000 compared with 
£753,000. Minorities again took 
£14200. There was an extra- 
ordinary gain of £60,000 
(£82,000), and exchanges losses 


DIVIDENDS ANNOUNCED 



Date 

Corre- 

Total 

Total 

Current 

of 

spondlog for 

last 

nayment payment 

div. 

year 

year 

6.15 

Nov 19 

5.4 

SJ25 

7.5 

0.75 

Nov 30 

— 


3.78 

0.15 

Jan 4 

0.25 

— 

0.45 

0.4 

Nov 15 

0.4 

— 

2.4 

2.25 

Nov 1 

2.25 

— 

9.211 

0.5 

Oct 29 

lfi§ 

2 

3§ 

2.78 

Dec 17 

2.78 

3.81 

331 

2fi 

Nov 23 

2 

— 

7 fi 

2.5 

Oct 15 

O 

id 

— 

6 


Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue. tOn capital 
increased by rights and/or acquisition issues, t USM Stock. 
S For 24 months. !? Making 4.6Sp to date in current 18 months 
period. For 17 months to December 31 1981. 


amounted to £170,000 (£515,000 
gain). 

The directors ' say demand 
remains low at Aurora Steels 
and the trading profit for the 
period Is largely attributable to 
the effectiveness of the 
rationalisation programme. 

The small forgings and Bat 
products division at Regent 
Works, Sheffield, has continued 
trading at a loss and that opera- 
tion will be 1 closed on. October 
29. Government assistance will 
be available towards the costs, 


which are expected to be less" 
than £500,000. 

The board says it is continuing 
to attack the problem of borrow- 
ings by means of control of 
working capital, sale of surplus 
property and by divestment. 
However, borrowing remains 
well within limits and projec- 
tions show that this position 
will be maintained within the 
foreseeable future. 

It has confidence in the group's 
long-term prospects, but it is 
clear that recovery cannot take 


place without some improvement 
in the economy. Nevertheless, 
the action it has taken should 
enable it to maintain profit- 
ability. 

Apart from Aurora Steel, the 
other UK subsidiaries traded at 
much the same level as in the 
corresponding period of 19S1. say 
the directors. But as a result of 
cost-cutting actions, a more 
stable situation is now evident 

The overseas subsidiaries have 
been affected by the world 
recession and their results are 
lower than in the previous year. 
This is expected to continue at 
least for the remainder of 1982. 

J. Stead's results continued to 
decline and it was sold during 
the half-year. Redundancies or 
other corrective measures have 
been implemented in all other 
subsidiaries where trading losses 
were being incurred. 

In fact, say the directors, 12 
companies were trading at a loss 
at the end of 19S1, but cost- 
cutting actions - taken reduced 
this to six for the first half of 
1982. Further changes have 
been made, and this should be 
down to two by the end of the 
year. 

There was a loss per 25p Share 
of 1.77p— down from the 
previous year’s 6.19p. 

See Lex 


Manson 
Finance 
turns in 
£1.4m 


Anglo Nordic bid values 
Braby Leslie at £7.4m 


[ FOR THE year ended June 30 


{ IBS! pre-tax profits of Manson 


Adwest up £ 0.37m at year end 


SECOND-HALF taxable profits 
of Adwest Group fell back from 
£A27m last time to £4.1m, but 
full year figures .to June 30, 
1982 were ahead at £6.17m, as 
against £5.Sm previously. Turn- 
over for the 12 months rose 
slightly from £77.92m . to 
£7829m. • 

Comparative figures have 
been adjusted to reflect changes 
in accounting policies relating 
to associated companies and 
investment properties. 

The final dividend is being 
raised from 5.4p to 6.15p net 
for a higher total payment of 
8.25p (7.5p) ’ per 25p share. 

Stated earnings per share 
improved from 17.9p to 19.Sp. 

The pre-tax result included 
interest received of £70,000 
(£57,000 paid). Tax charge was 


unchanged at £2.03m and after 
debiting minorities of £82,000 
(£118.000) and extraordinary 
items of £353,000 (£961,000), 
profits available came through 
ahead from £2.69m to £3.7m. 

Dividends absorb . £l.69m, as 
against £1.54m, leaving a re- 
tained surplus of £2.01m, com- 
pared with £1.15m. 

The group operates in the 
automotive, agricultural and 
industrial, electrical and engin- 
eering industries. 


comment 


A few months ago, analysts were 
predicting pre-tax profits of 
around £6.6m for Adwest, but 
stagnant demand, particularly in 
the automotive industry, has 
brought them down to £6.1m. 


That is still a rise on last year’s 
figure of £5.8m, but does not 
compare with levels of over £8m 
in 1979 and 1980. All the same, 
turnover was up this. year, and 
the company is a net lender, 
with interest receivable of 
£70.000. Ail the divisions made 
a profit, except for the French 
subsidiary, which is in the 
process of being restructured. 
The property side, in particular, 
is going very well. Thle company 
has some spare cash and is on 
the look-out for suitable busi- 
nesses to buy. preferably in the 
engineering ' or electrical fields. 
But until demand picks up, there 
is not much it can do to improve 
profits substantially. A fully- 
taxed p/e of 12.2 shows confid- 
ence in the market place. At a 
price of 176p, the yield Is nearly 
7 per cent. 


Gen. Investors 
lower halfway 
at £613,000 


Higher midway loss by Liberty 


ALTHOUGH SALES, excluding 
VAT, of retailer, merchant con- 
verter and wholesaler. Liberty, 
increased from £9. 72 m to 
£11.44m in the half year to July 
31, 1982, pre-tax losses were up 
from £278.000 to £439,000. 

Sales throughout the group 
have been and remain encourag- 
ingly buoyant, but the impact 
of the deepening recession on 
profit margins, and high interest 
rates continue to effect trading 
results, the directors state. 

However, the group has 
managed to maintain a reason- 
able level of liquidity and this, 
accompanied by the already 
stated policy of controlled ex- 
pansion in the UK, Europe and 
U.S., enables the board to antici- 


pate a satisfactory outcome to 
the full year’s trading. 

First-half losses per 25p share 
rose from 3.99p to S.lp, but the 
interim dividend is maintained 
at 0.4p net — last year a total 
of 2.4p was paid from pre-tax 
profits of £514,000. 


Sales — including VAT of 
£1.09m (£0.95m) — and trading 
losses of £238,000 (£122,000) for 
the period were split, between: 
retail — UK £S.7m (£6.8m) and 
£176,000 (£128,000) — rest of 
EEC £}.06m (£1.2m) and £30,000 
profit (£144,000 loss) — U.S. 
£0.69m (£0.14m) and £20,000 
loss (£10.000 profit); converting 
and wholesaling — UK sales 
£L2m (£1.15m), exports £0.87m 


(£l.S8m) and £2.000 loss 
(£96.000 profit). There was also 
a £70.000 deficit (£44,000 sur- 
plus)- from net rents of proper- 
ties. 

Net interest paid increased 
from £156,000 to £221,000. At 
the attributable level, losses 
showed a rise from £211,000 to 
£464,000, after extraordinary 
credit of £20,000 (nil), tax 
charge of £25.000 (£60.000 

. credit) and an exchange credit 
of £7.000 last time. 

Owing to the continued 
shortage of senior accounting 
personnel within the group, the 
directors say it has not been 
found possible to provide a 
current cost accounting version 
of results. 


A decline in net revenue from 
£708.000 to £613,000 has been 
shown by .General Investors and 
Trustees for the six months to 
July 31. 1982. 

The net interim dividend is 
being effectively held at l-25p — 
last year’s adjusted total of 3.3p. 
Earnings per 25p share for the 
six months were given as slip- 
ping from an adjusted 2-3p to 
2p. The directors say that it 
should be possible to pay a final 
of 2.25p, malting a total of 3J>p. 

Net asset value per share prior 
to charges at nominal value was 
reduced from an adjusted 130.6p 
to 116.7p and prior to charges 
at market value from an 
adjusted 132£p to 118J5p. 

Trading profits on land fell 
from £214,000 to £76.000. Profits 
from the sale of trading land in 
Western Australia are lower, say 
the directors, mainly because of 
depressed economic conditions 
and high interest rates. An im- 
proved profit is forecast in the 
second half because a new sub- 
division in the Melville Links 
residential estate was due to be 
released in August. 

Total revenue for the six 
months amounted to £1.49m 
(£1.65m). It was made up of 
franked income of £702,000 
(£640.000), unfranked income of 
£653.000 (£613,000), trading 

profits on land, dealing profits 
last time of £131,000, which the 
directors say were non-recurring, 
and rental income of £56,000 
(£40,000). 

Management payments and 
interest amounted to £526,000 
(£500,000). Tax took £348,000 
(£439,000). Attributable profits 
emerged lower at £606,000 
(£701,000). 


Lowland Drapery £0.4m 
deficit at 17 months 


Wassail loss at £0.18m 
and five shops closed 


DESPITE a £188,371 profit from 
the upholstery fabrics division, 
S. Ross and Company, Lowland 
Drapery Holdings, Glasgow-based 
wholesale and retail textile 
group, suffered taxable losses of 
£420,281 for the 17 months 
ended May 31 1982. This is com- 
pared with a loss amounting to 
£280,819 for the previous 12 
months. 

Sales totalled £7.41m, against 
£4.S5m last time, and again there 
is no dividend. 

S. Ross was acquired in May 
1981 — results are from that date 
—and has continued to trade 
well since then, the directors 
state. 

Offsetting the surplus from the 


upholstery side was a much 
bigger loss from, the drapery and 
hardware sector of £598,652, 
compared with £280,819. 

In February, for their second 
interim report, - for the five 
months to November 30, direc- 
tors announced pre-tax losses of 
£50,900 (£168,300). 

They now explain that deep- 
rooted problems of the tradi- 
tional Scottish drapery and hard- 
ware business have necessitated 
a major reorganisation, which 
has been costly. 

It is hoped that the Scottish 
.subsidiaries will be profitable in 
the second half of the current 
year, they state. 


HEAVIER PRE-TAX losses. 
£177.999 against £36.963, were 
incurred by J. W. Wassail, the 
Birmingham-based multiple foot- 
wear retailer, for the year tn 
March 31 19S2. Turnover was 
slightly higher at £Z37m com- 
pared with £2.28m. 

No dividend is again being 
paid — the last payment was a 
final of 0.4Sp in 1980. 

Last November, Benson Shoe 
agreed to acquire all capital of 
Wassail, other than 52,000 
ordinary shares already owned. 
Acceptances totalled 5L62 per 
cent and the offer finally closed 
in February. 


The directors say they have 
closed five shops since the year- 
end and there are a further three 
due to he closed shortly. They 
say the increase in turnover in 
the first five months of the 
current -year .is higher than the 
national averages, but gross 
margins are still lower than 
normal ‘ , 

Tax charged for the year was 
£1,168 (£145.937 credit). Expenses 
in connection with the offer for 
share capital was £4.508 (nil). 
Goodwill written off was £22,500 
(£27,008). and transfer to mort- 
gage redemption reserve totalled 
£3,000 (same). 


Sales boost for MFI Furniture 


Mr Arthur Southon, the chair- 
man of MFI Furniture, told the 
annual meeting that .the group 
was continuing to experience a 
welcome improvement in sales. 

He added that there were some 
signs of an increase in consumer 
confidence and the significant 
development and extension of 
the merchandise ranges were 
making their contribution. On 
the basis that this trend con- 
tinued. he said the current year 
could be viewed with “some 
optimism.” 

At other annual meetings the 
chairman reported as follows — 
Phoenix Timber Group: At the 
end of the first five months of 
the current year the group had 
continued to show a trading loss 


but tliat the monthly trend 
showed a considerable reduction 
in the rate of the loss. 

There was hope that this 
improving trend would continue 
during the remainder of the 
year. 

Western Board Mills: 
Business conditions had been 
difficult although the company 
had continued to trade profit- 
ably. Group results to the end 
of September would he some- 
what below the record profit of 
the corresponding period last 
year. 

Singlo Group: Good progress 
was being made in the current 
year. 

Although -new store opening 
costs and competition generally 


would curtail profits growth in 
the first half with sales rising 
strongly (they were up 23 per 
cent in the first five months) 
the prospects for the year as a 
whole were reasonably 
promising. 

Scottish English and European 
Textiles: Management reports 
indicate a similar profitability 
to the same period last year. It 
was hoped that the new selling 
season would prove beneficial 
to the group during the second 
half. 

F. HL Tomkins: The group was 
expected to report improved 
profits for the first half; monthly 
operating returns for the four 
months to August' showed that 
sales were up on the comparable 
period of 1981. 


Ramus ends 
year more 
than 50% down 


- Sharply lower profits were 
returned by Ramus Holdings for 
the 53 weeks to July 7, 1982, the 
pre-tax , figure emerging at 
£325,0p0.c omoared with £692,000 
previously. Turnover rose from 
£13.01m to £13.63m. 

A final dividend of 3.5p makes 
a total of 5p-rt3ie group’s shares 
are dealt in. on the Unlisted 
Securities Market. Earnings per 
share totalled 6.lp (24p). 

The pre-tax surplus was after 
interest charges of £201.000 
(£191,000). . Tax took £61,000 
(£89,000) and there was an extra- 
ordinary debit of £87,000 (nil) 
for placing costs. 


Nimslo on target at halfway 


THE financial performance of 
Nimslo International, the 3-D 
camera group, is on target 
according to the company’s pro- 
jections. For the first half of 
1982, directors state, showing a 
pre-tax loss of U$$9.49m (£5.56m 
at current rates). Sales for the 
period amounted ot SfiJjm. 

The directors say the short- 
fall in camera deliveries between 
August and October will inevit- 
ably mean lower level of 
revenues and a higher operating 
deficit than originally projected. 

However, the company con- 
fidently anticipates that with the 
committed production level from 
Timex, there will be profitable 
trading in the last quarter. 

The directors reveal that an 
agreement has been reached with 
a French company which will be 
wholly-owned by Olsen Group to 
manufacture a Nimslo profes- 
sional camera and printer, as 


weLI as provide funds for further 
research. In addition the com- 
pany will acquire the rights to 
market the Nimslo system in 
France and Belgium. 

The consideration for this 
acquisition is being established 
In consultation with the com- 
pany's merchant bankers and 
will be substantial; directors say. 
Agreement on the final value 
will be reached shortly. 

Nimslo will be granted an 
option to purchase the subsidiary 
at a price excluding goodwill. 
This will facilitate a faster 
launch of the professional 
system, faster development of a 
second generation amateur 
camera - and will very sub- 
stantially reduce the financial 
commitment than would other- 
wise be required from Nimslo. 
the ..directors explain. 


• comment 

Nimslo never ventured to give 


half yearly estimates when it 
presented its projections at the 
time of joining the USM last 
year. So shareholders have scant 
evidence to base any judgments 
about these Interim results. The 
company says the financial per- 
formance is “ on target ” which 
means that the second half must 
have been budgeted to produce 
sales of nearly S55m and profits 
of over SlOJ-m. However, the 
programme seems to be slipping 
back, though Nimslo remains 
emphatic that the last quarter 
will be trading profitably. It all 
seems rather thin comfort for 
those investors who piled In at 
S4JJ5 a share and tbe scepticism 
Is as large as 3-D life In a share 
Price of 140p last night, nearly 
I00p short of the year’s high. Yet 
those who have faith in tbe ulti- 
mate appeal of the camera may 
be undaunted by these problems 
of infancy. 


Community 
Hospital 
£2.66m rights 


Community Hospital (CHL), an 
independent hospital investment 
and management company, is 
raising £2.66m by way uf a rights 
issue on tbe market operated by 
M. J. H. Nightingale. The pro- 
ceeds of the issue will be used 
to help fond a new hospital in 
Astatead, Surrey. 

CHL intends to issue 2.36m 
“D” ordinary shares at 117p. 
Following the completion of the 
rights. CHL will subscribe for up 
to £2.5m cumulative redeemable 
convertible preference shares in 
Surrey Independent Hospital 
(SIH), the company which plans 
to b uil d the new hospital. 

The rights Issue is conditional 
upon private* businesses and 
private investors subscribing up 
to £215,000 for ordinary shares 
in SIH. 


I Finance Trust amounted to 
1 £1. 3Sm. compared with £L53m 
j for the previous 14 months. 
Group revenue was higher at 
£8.07 m. against £6J9m. 

la view of the difficult 
economic climate, the directors 
regard tbe results as satisfactory, 
and say that the major contribu- 
tion was again from Edward 
Manson and Co., tbe licensed 
deposit-taking subsidiary. 

They add that all trading com- 
panies in the group showed a 
profit except the asset leasing 
subsidiary. 

The directors say that the 
group continues to look to the 
future with confidence. It will 
develop its business, they 
explain, on the broader base 
which was created by the recent 
reorganisation into three main 
divisions, announced on April 30: 
property and mortgages; banking 
services; financial services. 

Although earnings per 2 Op 
share, at tbe year-end, moved 
ahead from 4Jjp to 5.6p, tbe divi- 
dend is reduced from 3p, for the 
previous 14 months to 2p net 
with a lower final distribution of 
Ofip (L5p). The directors say 
they intend to continue “a con- 
servative policy in relation to 
the distribution of profit” 

Tbe directors explain that 
during the current year further 
material losses have had to be 
borne in connection with the 
initial portfolio of leased assets. 
Although the causes of the prob- 
lem were dealt with at the end 
of 1981-82, it was found that 
further material provisions were 
required. 

The leasing business now 
largely concentrates on the pro- 
vision of leasing finance for 
users of agricultural equipment 
The directors expect that leasing 
will also contribute to group 
profits in the current year. 

At the midway stage with 
profits at £760,000 (£526,000) the 
directors said that Manson Leas- 
ing was the only unit in the 
group which did not contribute 
to group profits. 

Profits for the 12 months -were 
subject to much Ipwer tax of 
£308,000 against £845,000. After 
minority interests amounting to 
£10,000, against £1,000. and an 
extraordinary debit of £5S2,ODO 
(£8,000), the availab le b alance 
emerged down from £677.000 to 
£490,000. 


BY CHRISTOPHER CAMERON-jONES 

Lnglo Nordic Holdings, the shares. The equivalent is based 
usirtal holding group, is to on Anglo share price of 42p. 
ke a share or cash offer for For the 5.6 per cent cumulative, 
by Leslie, which values the preference shares there is a 70p 
nbled mechanical and civil cash offer. 


Anglo Nordic Holdings, the 
industrial holding group, is to 
make a share or cash offer for 
Braby Leslie, which values the 
troubled mechanical and civil 
engineering group at £7.4m. 
Braby ordinary shares yesterday 
jumped on the news 12p to 69p 
against the share offer equivalent 
to 73.5p. The cash alternative 
is 66p for each Braby ordinary. 

Anglo, which is half-owned by 
Danish industrial group F. L 
Smirith- came to the Unlisted 
Securities Market by way of a 
reverse takeover of the cash 
shell Anglo Argentine Tram- 
ways in June this year. If the 
latest offer is successful it will 
apply for full London listing. 

The offer is on the basis of 
seven Anglo ordinary 5p shares 
for every four Braby ordinary 


CHI Securities, a quoted asso- 
ciate of Anglo, currently holds 
27.5 per cent of Braby which for 
19S1-S2 made a marginal rise of 
139.000 in pre-tax profits, to 
£101.000 on turnover of. £31m. 
This was the fiist upturn, by 
Braby in four years over which 
profits had fallen from £L39m 
in 1977-78. 

Ando, whose interests include 
the manufacture of processing 
and harvesting machinery for 
agriculture and brewing, and 
instruments for the processing 
and other industries, had net 
tangible assets of £4m on a pro- 


forma basis at March 31 last 

The group is headed by form 
managing director of Gras at 
Brian Wolfson. 

Braby*s activities include man 
faeture of storage vessels, pt 
cess plant and special fabricate 
for the petrochemical, proce 
and brewing industries. 


ENGLISH AND NY 
TRUST CONVERSION 

English and New York Tnj 
says that on September 12, t- 
final conversion date for the 
per cent convertible unsecur 
loan stock 1990-95, £32,658 
stock was lodged for convcrsi< 
into 50.009 ordinary. 

The remaining £6,455 of ]* 
stock will be repaid at par pi 
accrued interest 


Nu-Swift ‘yes’ to Mosspray 


Mosspray, a private company 
run by Mr Brian McGillivray, 
the former Rentokil chief execu- 
tive, has stepped up its bid for 
No-Swift Industries from £7.4m 
to £8m and won the agreement 
of Nu-$wift's board and its 
advisers. Barclays Merchant 
Bank. 

Mosspray launched its attack 
on Nu-Swift the West Yorkshire 
based fire extinguisher company, 
in the middle of last month with 
a straight one-for-one share swop 
underwritten by a 37p a share 
cash offer. Mr McGillivray 
already owned 10 per cent of 
Nu-Swift and associates, in- 
cluding J. Henry Schroder Wags, 
brought his starting stake up to. 
14.75 per cent. 

The offer was rejected by the 
Nu-Swift board and only 


attracted acceptances of a 
further 18 per cenL Nu-Swift also 
came up with proposals to issue 
3.4m shares (14.6 per cent of the 
equity) to an Anglo-French con- 
sortium, September Purchasing 
(SPT). in an attempt to ward 
off Mosspray "s unwelcome offer. 

But yesterday, Nu-Swift 
announced that a higher offer 
was on the way and by the even- 
ing an agreed price had been 
struek. 

Apart from the extra 3p a 
share on tbe cash alternative, Nu- 
Swift’s shareholders will be able 
to retain the interim dividend of 
0:S25p recently declared. 

Assuming the offer becomes 
unconditional proposals to issue 
shares to September Purchasing 
will be dropped. 


Schraders will be despatch! 
a revised offer to sharcboldt 
next week, and in the meantii 
the offers have been extend 
to Friday October 1. 


FINLAY BUYS 50% 

OF MIDSTATES OIL 
James Finlay, through its si 
sidiary in Houston. U.S., Jan*'* 
Finlay International, 1 
purchased 50 per cent of H 
states Oil Company, an indepe 
ent oil and gas operation . 
Dallas, Texas, for 53m. . 

Finlay is providing a furtJ 
S3m to support Midstates' p 
gramme to purchase furt] 
leases and to accelerate devel 
ment and offset drilling 
proven areas of its exist 
acreage. 


NCI 


^ ai 

ii iif» 


Saudis’ stake in Aitken Hume 


BY WILLIAM HALL, BANKING CORRESPONDENT 


comment 


The Manson Finance earthlings 
lost their battle with space 
invaders and the penalty was a 
£582,000 extraordinary debit in 
these figures. The. group has 
sworn off video games and is 
now -in the broking side of the 
leasing business, which offers 
tax advantages. Above the line, 
the company has . maintained 
profits on an annualised basis 
of comparison, although Manson 
is coy about breaking down the 
various contributions of its busi- 
nesses. They do say that the 
major portion is again Edward 
Manson, a licensed deposit-taker 
which provides long and short- 
term finance. Full banking 
status for Manson is some way 
off, and, indeed, may never 
arrive as the majority sharehold- 
ing in Manson is held by a 
Malaysian-based privately-held 
financial conglomerate. That 
sponsor must be a bit impatient 
wftb Manson. what with its 
space invader troubles. The 
shares dropped 3p yesterday to 
37p. At this price, the reduced 
dividend gives a yield of nearly 
7.8 per cent 


Prince Mohammed ban Fabd, 
son of King Fahd of Saudi 
Arabia, is believed to be one of 
several Saudi Arabian princes 
and their business associates who 
have paid £1.6m for a IS per cent 
stake in Aitken Home, the small 
London merchant bank. 

Mr Timothy . Akken, chief 
executive of Aitken Hume, the 
merchant banking arm of Aitken 
Hume Holdings, said yesterday 
that he could not disclose the 
names of the “prominent mem- 
bers of tire Saudi Arabian Royal 
family.* who have put money 
into (he bank. 

The investment is in the 
merchant banking subsidiary, 
which is a licensed deposit taker, 
and not the holding company, 
which is quoted on the Stock 
Exchange. However, - Ait&n 
Hume shares jumped 20p to 195p 
on the news of the investment. ' 

In’ a short release to the SE 
Aitken Hume, which is headed 
by Mr Jonathen Aitken, the Tory 
MP, said that the new capital 
will “ significantly increase " the 
equity base of the bank. 

The company expects this will 
lead to a significant increase In 
the number of Middle East 
deposits and that this will have 
a material effect on the growth 
of the banking business and on 
the development of corporate 
banking activity. 

Mr Timothy Aitken said 
yesterday . that bis brother, 
Jonathan Aitken, has had a very 
close relationship with tbe Saudi 
Royal family going back seven 
or eight years. 

He said that (he investment 
was a “ significant vote of con- 
fidence in a relationship which 
began seven years ago/' He said 
that he had been asked not to 


reveal the names of the investors 
but “when I say that t hqj* are 
prominent members of the Saadi 
Arabian Royal family, I mean 
prominent,” said Mr Aitken 
yesterday. 

He said that the bank, which 
is aiming at winning recognised 
UK banking status in the not too 
distant future is lending between 
£30m and £40m. and the new 
capital will enable it to increase 
its lendings to around £70m. 

He said the investment was 
also important because it will 
lead to an influx of deposits in 
due course “which will make the 
bank much more interesting.’' 

Aitken Hume has been grow- 
ing rapidly over the past couple 
of years and Prince Michael of 
Kent joined its hoard in April. 
It is understood that the new 
Middle Eastern investors 
numbers around a dozen. 


chased 150,800 First Union tint 
ft-om August 24 through 
September 8 at prices rang 
from $15,375 to S17.2S a sfa 
on the New York stock exebat 


STEWART WRIGHTSOj> 
SELLS Io\V FARM 


MN PENSION FUND 
FIRST UNION 


A British pension fund said in 
Washington it has boosted its 
stake in First Union Real Estate 
Equity and Mortgage Invest- 
ments to the equivalent of 8.3 per 
cent of the beneficial interest 
shares outstanding. 

In an SEC filing, the Merchant 
Navy Officers’ Pension Fund 
Trustees said it holds the equiva- 
lent- of 868,469 First Union 
shares, including the conversion 
of 38,719 shares of an aggregate 
of $671,000 principal amount of 
First Union 10 per cent con- 
vertible subordinated debentures 
due 2006 and 90,750 shares of an 
aggregate of S1.01m principal 
amount of First Union's 8.75 per 
cent convertible subordinated 
debentures due 1999. 

The British pension fund pur- 


in 19S0. Stewart Wright 
disposed of the bulk of its la 
ing interests, leaving two fa- 
on the Isle of Wight and Dor 

Now, the tenancy of I 
Alton Farms in the Isle of W1 
has been surrendered, and 
farmland, in which the gr 
has an interest, has been s 
The consideration receivable 
the group on completion for 
whole of the tenant assets 
its interest in the farmland ? 
total approximately £l.4m ■ 
able in cash. 

This disposal is a further f 
in the group's policy of cant 
tration on its insurance and s 
broking interests. The grot 
sole fanning interest: is ntw 
tenancy of a farm of 875 ac 
in Dorset 


TELEPHONE RENTALS 


The interest of the Pruden 
Corporation— -together with t 
of segregated funds which 
manages for clients— in 
issued ordinary share capital 
Telephone Rentals is now E 
per cent as a result of reo 
purchases. 


AM AUG. TIN MINES 


• - 

Results due next week 


The listing of AmalgamU 
Tin Hines of Nigeria was ft 
porarily suspended from 9-30 , 
yesterday at the compan 
request, . pending publication ^ 
particulars of a reorganisation-." 

— PS 


Ready Mixed Concrete has 
always been an efficient and well- 
managed company, but times are 
hard in the construction indus- 
try, so one should not expect 
results to be dazzling. Last year’s 
interim pre-tax profits were 
£l8.4m, and the company looks 
set to do either slightly better or 
slightly worse this time round. 
The big freeze in the New Year 
hit first-quarter sales, but there 
was some catch-up in tbe second 
three months. Demand is reason- 
able in the UK, but Ja cracking 
slightly on the Continent, 
particularly in France and 
Germany. The company is likely 
to benefit, though, from its policy 
of diversification. With any luck, 
Wednesday’s figures will show 
solid contributions from the DTY, 
alarms and builders’ merchants 
businesses. Analysts predict pre- 
tax profits of anything between 
£15m and £20m. The dividend 
will either be maintained trr 
raised a tittle. 

WbnpeyY Interim results, out- 


on Thursday, are unlikely to see 
it building much on past profits. 
In the same period last year, the 
company made £6.4m in pre-tax 
profits and forecasts for this year 
range from a gloomy £5m to a 
slightly more optimistic £6m- 
£7m. Interm results, though, are 
not that important, as profits in 
the second half tend to be about 
six or seven times larger, but 
they . still serve as a 
marger for future pro- 
gress. The downturn - in ' pri- 
vate sector bousing last year will 
probably be frit in this year’s- 
profits, and business has been 
particularly bad in tbe U.S. and 
Canada. In tbe UK' market, 
Barrett, Wlmpey’s main competi- 
tor, has been using more aggres- 
sive marketing techniques and. 
as a consequence, has been 
ta king a larger slice of the first- 
time buyers’ market Wlmpey 
has been feeling the pressure on 
its -market share over the last 
few years, and will have to step 
up its marketing if it wants to 


stop the slide. The dividend at 
the interim stage will probaBly 
be maintained. 

More recovery is expected for 


John Laing, which produces its 
interim figures on Friday. The 
market is looking for pre-tax 
profits of £3-£4m,. compared with 
£2.6m for the six 'months, to June 
in 1981. Analysts are sceptical, 
however, about the sturdiness of 
John Laing’ s improvement The 
group has been picking up work 
with extra-low tenders and some 
are wondering if John Laing will 
be able to work prices back .up 
again, once the market starts to 
improve. Overseas activities 
have not been happy, with last 
year’s losses likely to continue 
into this year. Even so, the full- 
year figure is expected to exceed 
last year’s £6.1m, and turn out 
between £7m to £9m pre-tax. 
The dividend this year is con- 
sidered solid at JL875p. ■ 

With Lonrho once -again on 
the warpath. House of Fraser's 
interim figures, expected this 
Wednesday, take something of a. 


back seat The first half 
always a bit of a yawn for 
group so heavily dependent? 
Father Christmas and this' ft 
half has been even duller tb 
most. Even so, most analy. 
expect the group to break-e* 
or scrape up some profit for t 
six months, compared with li 
year’s £1.3m. In the full ye 
analysts are expecting a rece 
improvement in the retafli 
scene to start coming throuj 
so estimates are for an increa 
to perhaps £29m-£30m agair 
£27 m last year. Tbe betting 
much more interesting 1 
whether Lonrho will manage 
de-merge Harrods, with opinio 
varying from impossible to qui 
likely. In any event there 
no ' dissension on the inter! 
dividend: maintained firmly 
2p. 

Other reports expected ne 
week include Foseco Mlnse s 
whlch gives interim figures ( 
Monday, and United Nev 
papers, which produces interin 
on Thursday. 


Company 


Announce- 

ment 


Dividend (p)* 

Last year This year 


Company 


AB Electronic Products Group 

Wednesday. 

0.6 

3.5 ■ 

2.5 

Boulton (William} Group 

Tuesday 

— 

0.1 


Casket (S.) Holdings ... — '• 

Wednesday 

0.5 

1.25 

0.6 

Compco Holdings 

Tuesday . 

— 

1.95 

_ 

Dixon (David) Group 

Thursday 

2.22 

7.73 

2.22 

Emess Lighting - 

Tuesday . 

2.75 

4.0 

3.0 

Ferry Pickering Group- 

Friday 

O.BQ909 

1.45455 

0.909 

Golhlofd 

Monday 

0.5625 

1.9375 

0.7 

Gaunt (Rowland) 

Wednesday 

— 

— : 


Home Farm Products 

Thursday 

1.1S 

1.75 

1.16 

HTV Group 

Thursday 

3.5 

6:s 

4.0 

Link House Publications 

Monday 

3.2 

6.8 

3.8 

Uaier 

Thursday 

— 

0.1 


London Shop Property Treat 

Thursday 

1.0 

2.75 

1.25 

Parker Knoll 

Monday . 

2.5 

5.0 

2.5 

Sharpe (Charfssj 

Thursday’ 

4.T2 

23.38 

4.12 

Staffordshire Potteries (Holdings) 

Thursday 


0.01 


Tor Investment Trust 

Wednesday 

2.8 

8.3 

3.6 

TR Energy — - 

Thursday 

— 

_ 


Walker (James) Gldamth. & stvremih. 

Wednesday 

1.6 

3.0 

ID 

INTERIM DIVIDENDS 





Aberdeen Construction Group 

Thursday 

2.4 

4.77 


AmcHde Holdings 

T uesday 

1.12 

1.54 



Associated Book Publishers 

Beauford Group - 

Berwick Timpo ■ — 

Bllton (Percy) .'. - 

Black (A. and C.) - 

Brown and Jackson 

Elbar Industrial 

Finlay Packaging 

Foseco Mlnaep 

Fcthergill and Harvey 

Gamer Booth — 


Wednesday 

Thursday 

Thursday 

Monday 

Monday 

Thursday 

Wednesday 

Monday 

Monday ■ 

Wednesday 

Wednesday 


1.16867 3.0 
0.7 • 1.4 

2 A — 

2.5 '5.0 

0.5 4.88 

— O.S 


Glossop 

Hennouas (Arthur) ".1!!!”.."."""''“ 

Highcrofr Investment -Trust ,.*** 

Holt Uoyd International 

Hoskins and Horton 

House of Fraser 

Hunt (Charles) .. • 

Hymen (I. and J j * 7‘‘ 

IDC Group 

Laing (John) 

Liverpool Daily l»ost and Echo 

Lyle Shipping 

Macdonald Martin Diatiilerfa 
Menders Holdings 

Menirax Croup I.!!!"!.’!!!"." 

.North British Canadian investment 

Planet Group 

BMC Group * 

Scottish Television !.!!!' '* 

Tometm Distillers 

Travis and Arnold 

United Newspapers \\\\\ 

WaUnouqhs (Holdings) 

Watts Blake Bearaa 

Whatman Rflovo Angel "" 

Wlmpey (George) '" 


Dividend (pi* 
at year Thu y* 
Final lit- 


mant 

Usi year 

due 

Int. 

Final 

Monday 

1.578 

3.508 

Friday 

0.3 

1 2 

Thursday 

1.15 

1.7 

Friday 

t.S 

1.87 

Tuesday 

2.0 

3.0 

Wednesday 

2.0 

50 

Tuesday 

1.33 

1.65 

Tuesday 

— 

0.1 

Tuesday 

1.33 

4 .235 

Friday 

1.0 

1.875 

Wednesday. 

3.7 

8.5 

Friday' 

4.5 

5.S 

Monday 

3.0 

9.5 

Thursday 

T.4 

4.0 

Monday 

0-68182 

1.45455 

.Friday 

1.75 3.3S 

Monday 

-0.66867 

1.33333 


Wednesday 

Friday 

Tuesday 

Monday 

Thursday 

Thursday 

Friday 

Wednesday 

Thursday 


0.5 1.75 
2.65 4.35 
2.75 6.0 
2.4 4.0 


INTBttM FIGURES 

Bonuabond - Holdings* 

Brawn Bovert Kent (Holdings) 

Ddwntebrae Holdings 

Molyna Holdings 

Thomson T-Line Caravans 

Turrifl Corporation 


Wednesday 

Thursday 

Friday \ 
Tuesday' 
Wednesday. 
Thursday 


*T Dividends era shown not panes per share and adjusted lor any incerva"*' 1 * 
np iMui, •. ...... 


v-: 'ht 


;il rot 




* ll.V« • ■ 

\. 


( V 

slr.i 1 

II? 








'Ftencial T&Des Satvrday Septemfeer 25 1982 




OF THE WEEK’S COMPANY NEWS 


17 


«Si 

Dtr. 

"In 


lift 

rtSy. 

' he 

ff Ws 


SI 

"•£ 

Ju. 

"fJS 

l'll-p™ 
-Ilf ' 

l iUTf; 

iS 

I |y- 


Take-over bids and steals • T 

. BngKah China Clays launched a rival £3&8m bid for.JBx- 
coneretejtapping the.offien fromPloneer Concrete by SLlm. BC3C 
is offering, ISSpf pw/sfcare cash compared: vr&.Ekineez’s revised 
180p bid. Pioneer ofigLnaUy offered- ISBp. per share ^yahiing • ftp*- 
con Crete at £14j4m. : ECC -said'it would be seeking, the recom- 
mendfltioii of Mlxconcrete’s boardwhlch has already rejected tiro 
Pioneer bids. The higher Pioneer bid was accepted by Mr John 
Mackaness, founder and president i>f Mupeoncrete, in respect pf 
-his pwn holding. -This led to a split with other members of Ifce 
.board and Sir Macfeatoess V . riwdgnirtlon. • . - ■ . 

' ; Hambro Life Assurance made an agreed £ld.44m offer for 
Dunbar Group, the fthanciaFservices company. Hambro. is offering 
- 40 of its own- share? forgery 18 Dunbar, valuing the latter at 
^arotuKl 870p per share; this compare with the 640p price when, 
■■'dealings in Dunbar. were suspended on September,. 17. - 
. . Shares ofF.W/Weohrorth, suspended at 5^p earlier in .the 
week, jumped -to 73p in resumed dealing on Thursday amid con- 
tinuing mystery about the identity of a consortium preparing to 
bid -for the -company.. Bankers Charterhouse Japhet are known 
to be advising* takeover consortium which is believed to' include 
prudential among other Institutional investors; ' 


INTERIM STATEMENTS 


Company. 


Half-year 

• -t . : - tO 


Pretax profit 
,(£0OQ) 


Interim dividends" 
per share (p) 


Company 


Half-year 

to 


Pre-tax profit 
(£ 000 ) 


Interim dividends* 
per share (p) 


Company 


^Half-year 

. . to . 


Pre-tax profit 
(£000) = 


Interim dividends" 
■ . per share (p) 


. VuJueof • Price Valine 
Company - . hid. per Market before F of bid - 
bid for - .. . - Store"* price"" bid .. £m’S**'- 


Baffder 


Prices Jn ponce untess othvmrtM. Indicated. 

Anud Tin Nigeria 12"? 144TT 8 0.07 Dove 

Bra by Leslie - 73* ,69 67 4 54 Anglo Nordic 

Braid Gronp . r . r .58" .- 58 - .42 ‘ 2.74- Looker*. - = 

Brent Walker 48^t - ’ 50 55tt 2.86 Locks Heath 

British. Northrop ' tS" '- 17 ■ 12' 0.31 Padworth Invs 

Doraoa : 4 S\ -*"• 43 . :'-38 ' 4J91 Keeptar- - 

10.88 JSambfo Life •• 

S.06 Bosedhuond 
2.38 ' AnghJ-Indoneaian 
258 - -Jadepeint- 
XOJXi IQ/ . : 

10.73 Espley-Tyas 
7.10 Molt Hlth &Ufe 
l&SO Eng China Clays 
Mixconcrete £80* 205 .115 18.73 Pioneer Concrete 

Nn-Swtft lads . 40 " . = ■ 404 35 .8JK>.Hosspray 

Sheffield Ref : ' 137 135 ... WJ3- 2.45' Vanx Brews 

! cash offer, t Cash alternative- t Partial bid. § Far capital 
not alreadyiekL "" Based on September 24 1982. tt-At suspension. 
riXstimated. S§ Storey .qua cash." ^Unconditional. 



Dunbar 

' 836 . 

780 

640tf 


Estates & Agency 

c . iste* g. 

123 

'134 


Eva Industries ; 

M 

■35 

■ « 


. Grant RtosHH . . 

.-. .190.* 

■186 

; 21S ;• 


Holden (A.) 

IfitftS 

180 

'.ITS •. 

■«IUi 

- Howard Tenens 

67* 

62 

/■ Wrt. 


lifeguard Assce 

950* 

950 

407 tt 


Mixcon crete . - 

-105* 

205- 

. 177 . 


. APV Holdings 
.Arden & Cobden : 
Armltage Bros 
Bank of Scotland . ; 
Barrow Hepburn 

BAT Industries 
Beatsoa Clark - ; : 
Biddle Holdings 
BodfUngtohs Brws 
Bodyeete Inti - 
Breedon Hill Time 
Brixton Estate 
Carlton Real Bats 

Clarke (Nickolls) 
Clay (Richard) 
Clyde JPefrha 
Comtech 

Cory {Horace) - 
CossfniProperty 
DBG 

Dual op . • 

Early’s of Witney 
FI so ns 

' Carton Engn 1 - 
Goaf I'etroleom 
fiaden ;■ 

Hall Engs 
Hamilton CHI - 
Harrison Cowley 
Hawley Group 
Huntleigh Grp 
Laportelnds 
UHeslull . 

Macftay (Hugh) 
HacLetlan (P.W.) 
Marshall (Thos) : 


June" 
:Jnne" 
Jufer 
Aug 
Jtme 
■June 
-June ; 
June 
June 
Jtme 
July 
June 
June 
June 
June. 
June. 
June 
June 
June 
Jane 
June ■ 
July 

June 

June 

June ; 

June 

June 

Jtme 


7,570 ■ (fcS40) • 

28 ■ (22)t 

*59 (127) 

22,100 (25300) 

. /. fi20 (776) ' 

326,000 (269.000) 
1360 (1210) 

. 1,030- (962) 

3,820 <2300) 

354 (401) 

. 602 . . (64BT 

3320- (2300) 

. 150 . (20) 


.133 
"• 279 
«73Ir 
4307 
203 
515- 
3,400 
- 4,000. 
185L 
9,060 
169 ■ 
877 
3,050 
3,410 


(240) 

(662)L 

(739) 

(— n 
018) 
(606) 
(3300) 
(3,000)1, 
(52) 
(1,600) 
(206)1# 
(119)L 
(2,550) 
(3360) 


23 


103 

03 

-123 

33 

2.4 

1.75 

1.0 

2.63 

1.7 

1.75 ; 
i.6 ; 


0.6 . 

2.0 

3.0 

2.0 
032 
5.0 


225 

3.41 


13,040 (10,940) — 


(23) 

(-) 

(-1 

( 10 . 0 ) 

( 0 . 8 ) 

(14-5) 

(3.0) 
(2-4) . 
<L6). 

( 2 . 0 ) 
(2.63) 

(1-55) 
-(-). ; 
(1.75) 
(-) 
(-) 
(-) 
(0.4) 
(— > 
(3.0) 

(2 JO) 
(0.32) 

' (4.0) 
(— ) 
(— ) 
(2.6) 
(3A1): 
(— ) 


June 

281 

(270) 

L5 

(L4) 

June 

2470 

(1.100) 

L2 

• (LI) 

June 

521 

(502) 

OR 

(OB) 

July 

9,570 

(6,430) - 

3-5 

(3-5) 

June 

38 

(84) 

— 

(L0) 

June • 

69L 

(108) 

1.4 

. (14) 

Jime 

71 

' (57) 

' 05- 

(0JS) 

Jtme’ ; 

240L 

(270) 

3-2 

' (L2) 


HcCftirns (FMPA) 
MEMEC 
Menzies (John) 
Mersey Docks 
Morrison (Wm) 
Hyson jGronp 
NEI 

Newarthlll 
Oilfield Ihspectn 
Oliver (George) ■ 
Owen Owen 
Perry (Harold) ■ • 
Phoenix Pno» 
Plttard Group . 
Pritchard Srvoes 
Rock Barham . 
Bewton Hotels - 
Rwntree Mekntsii 
Samuel (H.) 
gliwnn Engn 
Spear & Jackson 
Stewart Wrightm 
Sunlight Service ' 
Supra Group 
Taddale Props 
Telf os Holdings . 
Tarmac 
Tootal 
Vickers 
WadWn 
Walker (Thos) 
Wilkes (James) 
WlUay , 


June 

Jtme 

July 

June 

Jtdy 

Jtme 

Jane 

June 

-June 

July 

June 

Her 

June 

July 

June 

June 

June 

July 

June 

June 

June 

June 

May 

July 

June 

June 

July 

Jtme 

Judy 

June 

June 

June 


595L1I <315>E4| 
’ 845 (759) 

1350 . 0,130) 
S.99SL (2,470) L 
3.660 (3373) 

823 (1370JL 

18,030 (15,060) 
12^80 (10.720) 
585 (359) 

68L (213) 

2.840L ( 1,610 )L 
1,580 (lb80) 


26 

75L 

4,010 

711, 

265 

13,700 

1.690L 

7,600 

854L 


(4) 

(352) 
(2,650) 
(206) L 
(327) 
(8,700) 
(773) 
(7,440) 
(330) 


4,180 . (3580) 
966 (720) 


281 
- 201 
101 


(272) 
(— )t 

<225)L 


20,100 (14,120) 

5,080 (4230) 


10200 

650L 

43 

101 

113 


(9,500) 

(279)L 

(106) 

(479)L 

(30) 


LI 

L6 

0.45 

1.5 

1.0 

L32 

L0 

L5 

1-38 

0B 

8.15 
2.9 
— f 

4.0 
LO 
3B5 
0.75 
0.75 
12 • 
028 
3.2 

1.1 

425 

0.71 

L16 


(-) 

( 1 . 0 ) 

0.45) 

<-) 

(0.4) 

(-) 

(1-38) 

(-> 

(-) 

021 ) 

(L0) 

(L5) 

(_) 

(1.3S) 

(0.75) 
(— ) 
(3.15) 
(2.7) 
02 ) 
(4.0) 
(358) 
(325) 
( 0 . 6 ) 
(0.58) 
(-) 
(— ) 
( 22 ) 
(U) 

(4.55) 
(~> 
(0.71) 
(— ) 
(L16) 


Wood (Arthur) June 51L (34)L — (— ) 

Wolstnhime Rink June 611 (62S) 2J5 (25) 

WW Group Jtme 122 (322) LH (224) 

(Figures in parentheses are for the corresponding period.) 
"Dividends are shewn net except where otherwise stated, t For 
three mouths. ?No comparable figures, f Dividend will be 
dedared in January. It In I£. L Loss. 

PRELIMINARY RESULTS 

Year Pre-tax profit Earnings" Dividends" 
Company to (£000) per share (p) 


Armstrong Equip 

June 

3.230L (867) 

_ 

(0.7) 

0.35 

(Ifi) 

Blue Kid Confect 

July 

378 

(112) 

7.S 

(4.2) 

4.57 

(4-35) 

Barrett Dvpts 

June 

40,200 

(30,500) 

43.4 

(49.5) 

12.35 

(9.S8) 

DaJgety 

June 

45,700 ■ 

(41.200) 

37.7 

(29.7) 

22.0 

(22.0) 

Dowding&HlQs 

June 

1.640 

(1^30) 

3.7 

(2.3) 

1.87 

(1-65) 

Epicure Hldgs 

June 

LOCO 

(970) 

3.5 

(3.9) 

1.75 

(1.5) 

Gripperrods 

Apr 

724 

(1.120) 

15.9 

(43.2) 

3.5 

(5.25) 

Malta (J.&J.) 

Mar 

641 

(938) 

1S.7 

(3L3) 

3.0 

(3.0) 

Maynards 

June 

1.S00 

(2,010) 

29.4 

(36.9) 

9.75 

(9.38) 

Mills & Alien 

June 

12,645 

(11,531) 

59.4 

(51.8) 

22.0 

(20.0) 

Muckhiw (A. & J.) 

June 

4,710 

(4J»0) 

7.2 

(7.6) 

4.25 

(3.S8) 

Park Place Invs 

June 

1.040 

(762) 

11.0 

(9.7) 

5.0 

(3.6) 

Second City Props 

Apr 

1,510 

(1,290) 

6R 

(6.8) 

O IK) 

■ a,«M 

(1.77) 

Trafford Park Est 

June 

2,150 

(2,020) 

13.7 

(10.6) S-25 

(7.25) 

Westmst & Cntry 

Apr 

621 

(562) 

16.6 

(17.0) 

5.0 

(4.0) 


Offers for sale,placings and introductions 

FK1 Electricals — Is jolrring the Unlisted Securities Market by way 
of a placing of 10m stores at lOp per share. 

Boren to NV — Is applying for a London listing. 

Standard Chartered Bank — Issue of a 12j per cent £100m sub- 
ordinated unsecured loan stock repayable between 2002-2007. 

International Signal and Control — Is to seek a full lasting on the 
London Stock Exchange. 

Mid-Sussex Water Company — Is raising £1.5m through a placing 
of 12.5 per cent redeemable debenture slock 1987-S9 at £100 
per cent 


iiTSi»\ 


" \k» 


■■ rz 

I.-5 


\! \i' 

r 


;iM* 


MINING NEWS 

Hartebeesfs capital 
spending still high 


ALTHOUGH the. South African 
gold and uranium-producing 
Hartebeestfoutein mine has tod 
to cut back; . on. some' capital 
projects in order to conserve 
finances it still faces high capital 
spending of some R150m <£76m) 
over the next three to fourjeazSr. 
says Hr Basil Herzov in the 
annual report. 

In. the past financial year to- 
r June 30,. Hartebeest’s : expeodi- 
..lure on mining .assets and 
-unlisted investments ' ambaoted 
to R29.4m. - Net profits' . were 
R103m nut. of. -which -RTSBur-was 


paid out in dividends totaling 
650 cents' j)er store against 1,025 
cents in the priWious year. 

. Mr Herzov says that.it is hoped 
to . maintain gold production in 
the current .year at the 1981-82 
-leveL In ftie light of the recent 
improvement in bullion juices he 
says that while the' Vaal reef'l? 
currently the only source' of ore 
' for the mine there are several 
either reefs present. ■' ' 

■" These are uneconomic to work 
- at current gold Jprices, but .they 
■ would • provide; ■ further * ore 
sources if the gold, price should 
rise "substantially" in the future. 


International round-up 


INITIAL RESULTS from, a pro- 
gramme of underground explora- 
tion at the Opawka-Lac Short! ' 
cold property of Canada’s. 
Corporation Falconbrtdge Copper - 
, indicate a portion of much 
higher grade ore than was sug-. 
gested by surface drilling. 1 : 

Falconbridge said ..that .; the - 
latest tests indicate an average 
■grade of 12.6 grams .. per tonne, 
over a vedtli of 7.1inetxes for 
$5 metres along the drift. ■' 

The -company said’ It has so 
far spent C$6.6m (£3.1m). on- the : 
project, and a furtfcfer C$L5m 
will be spent this year on 
exploration at different levels.-' 

Falconbridge tos a 775 pm*, 
cent interest in OpafWka, which 
is in north-western Qaebec, 
about 50 miles fronr thc -group’s 
OpemiskA copper-goid mine at 
Owpais. ‘ 

■ ★ •fr •' 

Work at EZ Industries’ Rose- 
bery zinc mine in Tasmania has 
been disrupted since Tuesday by. 
a strike of more than- half of the 
900-strong workforce. 

The dispute concerns the level 
of . redundancy payments to 
workers laid off-in- July. ^ • r. . 

* :* • i.-- * 

Scientists or the U.S- Com- 
merce Department's: National 
Oceanic and Atmospheric 


_ f- 

Administration ,ha.ve announced 
the discovery of a large mineral 
deposit -in the Atlantic ■ Ocean, 
1,800- rniTes east* of Miami, 
Florida*'." i.-.' . 

An area. Xwo: : miles long- and 
otoe mile .wide is reported to con-* 
tadto intercnlttent deposits of 
mangto'ese,. and jmssihiy copper, 
zipc aJOd silver. • •... . ■- •- '. 

... + ; - 

The ItaMan, parliameant ias 
given, final approval to a bill 
setting- new rules for mining and 
prospecting activity, The bill 
gives responsibility for explora- 
tion work to- ENL the state 
energy corporation, in collabora- 
tion with regional mining 
authorities..- . 

The measure . is aimed at 
boosting domestic production of 
lead, zinc, copper and other non- 
ferrous - metals. - Hydrocarbons 
and radioactive minerals are 
excluded from its provisions. 


ACORN 

TBE INTERNATIONAL 
INVESTMENT NEWSLETTER 

Investors: la this a rftvfna bub . 
raaricei or Just a load of pin baU?- 
For years we hove warned of the 
conBsouences of .unchecked dobt 
creation. The rlma has. arrived. What. 
con you do to preiBCt yourself? To 
find out for only £20 per annum (£22 
Europe: -G23 elsewhere, airmail} join 
subscribers in da countries to our 
monthly investment. ' newsletter, 
founded in 1S59 and . atlll going 
strong. ' 

To: Warren. Cameron ft' Co. Ltd. 

Dept F, Church House, God aiming 
Surrey GU7 1EW 

Please sand me. without obligation, 
e FREE COPV of your monthly 
newsletter ACORN 

Name I. 


Addieia 


9/82 


Oceonics 
shares jump 
125p to. 510p 

Oceonics,. the . marine elec- 
tronics company , whose sha res 
resumed deajing ou the USM 
yesterday, -shot up in busy trad- 
ing The shares opened at 385p 
and closed at 510p, 

This price compares in their 
placing im March - of 130p. 

The shares were* suspended in 
Juoe at 255p fbllowing Oceonics’ 
announcement' that it watf Scquir- 
a" Hong Kong-based company in 
a similar line of business called 
Geomax. . . - 

BP Australia 
incurs loss 

- BP Australia, one of that 
country's largest oil refining and 
market companies,, has in- 
curred a losd of A$29JSm in the 
half year to June 30 1982, against 
a profit of AS5;6m previously. 

The company— wholly owned 
by British Petroleum — reported 
a Targe jump' in provision for 
exploration 1 expenditure from 
S3. 45m to-goam. Interest pay- 
ments were 336m, against 327 
lari year. The company paid $3m 
in dividends in June; 


CONTRACTS 

£10m fitting 
Debenfaams, 

BO Vis CONSTRUCTION has 
been appointed management con- 
tractor for the £10m fitting out 
of Debenhams’ new store at 
Croydon. ■ This consists of four 
main, storeys plus roof plant 
rooms ' and will provide a gross 
floor area of about 214,000 sq ft 
. Bovis will carry out the con- 
tract in two phases. This will 
allow Debenhams to trade from 
half the existing store during 
the first phase 1 fitting dot. They 
will then occupy, this area while 
the remainder of the original 
(building is demolished and a 
new shell is constructed and- 
fitted out- 

The contract includes the 
installation of nine escalators, 
two goods lifts ind a 20-person 
passenger Hft, plus- the fitting 
oat of sales areas, restaurants, 
hairdressing salon, stockrooms 
and staff areas. 

. The project' will be built to a 
fast programme in two p ha see- 
the first, of 1.1 months, will be- 
completed in mid-1983. and the* 
second -in the middle of 1985. 
The 15 month gap allows recon- 
struction of the store to . be . 
completed. 

. ... 

• FISHMEAL production in 
th.e main exporting countries in 
1982 is expected to be- 2.1m 
tonnes, little changed on 1981. 
However,. exports were likely to 
rise to 2:05m tonnes compared 
with 1.74m tonnes. Exports to 
September -this year have risen 
20 per cent to 1.47m' tonnes. 
ROSSER AND RUSSELL 
(NORTHERN), part of the 
Rosser and Russell Group, has a 
£460,600 .contract- for installing 
new services in the Algernon 
Firth building of the department 
of pathology. Due for. completion 
in Aughst " 1983. the contract 
includes installation of heating 
and ventilation and hot and cold 
water services, in an existing, 
refurbished building. 


A 'NEW ' company. * FERRANTI 
INDIANA bas been established 
in Spencerville, Indiana. U.S~ by. 

: EerrantL . .Ferranti Indiana ■ will, 
manage a contract, with. Total 
Petroleum Inc. for the supply of 
over 900 garage forecourt fuel 
dispensers. 

* 

LARGEST SNGLE order for the . 
new FORD Cargo 3220 32.5 tonne 
tractive, unit, since, it was 
announced at the end of April, 
has been placed by vehicle 
delivery agents, Silcock and 
Colling. A total of 56 units, 
worth over £1.3m. has been 
ordered by the company, which 
is one of Europe's leading 
vehicle delivery agents transport- 
ing cars and light commercials 
from manufacturers ' and 
importers to their dealers. 
Silcock and Colling -.currently 
operate more than 200 trans- 
porters and the new Cargoes will 


out at 
Croydon 

be used to replace existing units 
in the fleet 

-A- . ... 

CUBITTS ■ GENERAL CON- 
TRACTS, a Tarmac company 
has been awarded a £L2m con- 
■ tract for refurbishing the. Bank 
of Credit and Commerce Inter- 
national at Leadenhall Street 
The specialised work which is 
due*to be completed by the end 
of the year involves the 
refurbishing of two floors and 
part -of another for the use erf the 
president and senior executives. 


GEC-GENERAL. SIGNAL has 
been awarded a contract for over 
£200,000 by British Rail Eastern 
Region for a microcomputer 
based train describe!*- and auto- 
matic train reporting system to 
be installed . at the new- signal 
box at Colchester, covering 27 
route miles of - railway lines 
radiating from Colchester - to 
Marks Tey. Eastgate . Junction,. 
Mistley, Westerfield Junction 
and Sproughton. A separate 
contract value at about £300,000 
has been placed with the com- 
pany by Eastern Region for an 
automatic train reporting system 
to be based at Stratford. This 
is an extension to equipment 
recently installed by GEC* 
General Signal as part of the 
Liverpool Street to Shenfleld 
contract for a train information 
system. 

'+ 

PRESS CONSTRUCTION bas 
secured a contract worth £700,000 
from the Thames Water 
Authority for a new water pipe- 
line. The company's - Swindon- 
based distribution region is 
installing a water main fronv 
Norwood Reservoir to Selhurt 
Park for the TWA’s South 
London Division. The work, 
programed for 40 weeks, entails, 
excavation of roads and part of 
a park, and laying some three 
miles of 800mm-diametre ductile- 
iron pipe- The company will also' 
lay 400 metres- of 450mm ductile- 
iron pipe at the reservoir end 
of the line. 


FATREY CONSTRUCTION.- a 
member of the Fairey Holdings 
Group, has been awarded a con- 
tract to erect nuclear reactor 
cores at Heysham IT and Torn ess 
power stations. The design and 
provisioning of the temporary 
construction equipment has. 
started at the company’s Apple- 
ton headquarters near Warring- 
ton. Work will begin at Heysham 
in early 1983 and about four 
months later at Torn ess. Comple- 
tion of the total contract is 
scheduled for the end of 1986. 
Fairey Construction is a wholly- 
owned subsidiary of Fairey. 
Engineering which was awarded 
the contract by National Nuclear 
Corporation acting as agents for 
the Central Elec t rici t y Generat- 
ing Board .and the Sonth of Scot- 
land Electricity Board. 


APPOINTMENTS 

Chairman for Texaco Limited 


Mr John D. Ambler has been 
elected chairman of the board 
and thief executive officer with 
executive responsibility for tiie 
TEXACO group of companies 
operating and bolding interests, 
exploration, producing, refining, 
marketing, ' and transportation 
operations in ' the UK. Hr 
Ambler, who has served as 
president of Texaco Europe since 
July 1, 1981, will succeed Mr 
WTO lam S. Barrack Jr wbo has 
been named president of Texaco 
Oil Trading and Supply company, 
a division of Texaco Inc, located 
in Harrison. New York. In his 
new assignment Mr Ambler wiii 
make his headquarters in 
London from. October 1. 

+ 

At ABERDEEN UNIVERSITY 
PRESS (AUP).Mr Fred Pick- 
hard. already a director of AUP 
and managing director of Its 
origination subsidiary, AUP 
Typesetters (Glasgow), bas been 
appointed managing director 
(printing); Mr Joe Cameron, cur- 
rently works manager, is 
appointed director and general 
manager (printing); and Mr 
Colin MacLean, currently pub- 
lishing director, is appointed 
managing director (publishing}. 
Mr Ronald Thoms has been 
appointed AUP*s commercial and 
financial manager. AUP is a 
Pergamon Press subsidiary, 

* ' 

Mr John Adams bas joined 
GERBER SYSTEMS TECH- 
NOLOGY as managing director 
of its nowly-former European 
group operations, based at High 
Wycombe. He was vice-president 
and managing director of Manu- 
facturing Data Systems Inter- 
national in France. 

*•' 

Ur JM Buebner. formerly 
associate director CHASE MAN- 
HATTAN BANK, has been 
appointed to the newly-created 
position of director of syndica- 
tions. This position has been 
created in recognition, of the 
growing importance of the place- 
ment aspect of syndicated loans 
and’ Chase’s merchant banking 
relationships with other financial 
institutions. He will retain his 
current reponsibilities for 
managing Chase Manhattan’s 
business with Japanese banks 
and institutional investors in 
London. 

★ 

A new company has been 
formed within the Royal Bank of 
Scotland Group responsible tor 
the control, develppment and 
integration' of roinputer- and 
other systems throughout the 
group. Called ROYAL BANK 
GROUP SERVICES. Mr S. 
Procter, group chief executive, 
will be its chairman and Mr W. 
R. McKim has been appointed its 
managing director. 

★ 

Mr David A. Roberts, finance 
director of Charterhouse 
Petroleum, has resigned as a non- 
executive ■ director of merchant 
bankers CHARTERHOUSE 
JAPHET. 

* 

Hr. Roger Coombs, .wbo has 


M. J. H. Nightingale & Co. United 


27/28 Lorat Lane. London EC3R 8EB’ 


Telephone 01-621 1212 


1981-82 

Hlylh Low 

129 120 
138 100 
75. .62 
51 33 

237 187 
119 100 
270 340 

1W eo 


. T4Q 
83 
78 
102 


8.0 

1* 


124 100 
118 94 

140 TUB 
3 34 1« 
83 51 

222 193 
44 2t 
103 73 

263 21Z 


-••••' P/E ' 

• Grori Yield "Folly 
Company Price Change div.(p) % Actual taxed 

Ass. Brit..ind. 'Ord. .. 129 ‘ — . 

Abs/ Brit. Ind. CUtS... 137 - — 

Airspnjng Group : 68 — ' '■ 

Atmirige & Rhodes AS — 

Bardot) Hill " 237' ■ +2 

GCL 11 pc Conv. PfOl.,;. 118 — 

Cnvdtco Group 2fi8xd — 

Deborah Sendees 72 — 

Frank florae!! !... 139 — 

Frederick Parker.. 71 — 

Gnotge Blmr £2 — 

Ind. Precision Castings 93 . — 

■sio'Cmiv. Pro! i 124 *H 

Jackson Group >1* + ' 

James Barrough TW' 

Robert Jsnkins 188 . . T 

Sc nitWns ''A - ’ ' ft — 

Tprday ft Cert*!* 151 ■— 

Unilock .Holdings 21. 

Waller Alexander « — 

W. s. Yestes « Tl 

Prices now available on -Prsatfll page 48148. 


8.4 6.0 11.7 W.5 

10.0 7.3 — — 

8.1 8.0 ' 7.7 M.3 

4.3 TOO "4:8. ‘ 8.4 

11.4 4.8- 100 12-5 

■16.7' 13i. l 

28.4 8^ * 10A 12.1 

83 4.8 12.9 

5.7, 5^ 8.3 

BA 8,(t- 3.6 ' 8.9 
— . : — . 8.0 183 
73- 7.8- 6.7' 10.1 
;15.2 127. — — 

7S. : 8.4 . 3.8 7 5 

9.6 &9. 103 11.4 

20.0 1CU 2.0 2B.5 

5.7 7<0 W.S 12-7 

31.4. --7A- U 11-6 
0.48. .. 23 ~ — 

8.4 7A. ; SA 8.5. 
143- BA 83' 13.0 


THE TRING HALL 

usm: endex 

U8J (-(U) . 

dose ©f business 24/9/82 
TfU 61438 1591 
BASE DATE 10/; 1/80 100 


LADBROKE INDEX 

57B884 (+3) - 


This advertisement is issued in compliance with the Regulations of The Stock Exchange. 



Nationwide 

Building Society 


Placing of £10,000,000 U 3 Aper cent Bonds 
due 3rd October 1983 


Listing for the bonds has been granted by the Council of The Stock Exchange. 
Particulars in relation to The Nationwide Building Society are av ailab le in the Extol 
' Statistical Services. Copies of the placing Memorandum may be obtained from:— 


Pbckshaw & Company Ltd., Latirie, MHbank & Co., Rowe & Pitman, 

34-40 Ludgate HOI, ; Portland House,' * City-Gate House, * 

London EC4M7JT . 72/73 &asmghaH Street, 39-45 Finsbury Square, 

- * London EC2V5DP London EC2AXJA 


been with HENRY BOOT CIVIL 
ENGINEERING for more than 
20 years, has been appointed 
director of“ contracts. He was 
associate director for the 
southern region. 

* 

Mr Geoffrey Copeman has been 
appointed to -the new post of 
chief executive of EASTERN 
COUNTIES NEWSPAPERS 
GROUP. He will assume respon* 
sibflity for the overall develop- 
ment of. the group while 
retaining the respon- 
sibilities which he has carried as 
managing director. 

- ★ 

Mr Graham Bear® has been 
appointed- marketing director of 
THOMAS WILLIAM LENGH. 

- * 

Dr M. J. Pemberton has been 
appointed a director of 
WESTERN EXCAVATING 
(ECC) from October 1, an 
English China Clays company. 

At VOLKS KAS INTER- 
NATIONAL, Mr Bill Pienaar has 
been appointed chief executive. 
Mr Herman Roux and -Mr Ged 


Grainger have been appointed 
deputy general managers with 
responsibilities for the inter- 
national and domestic banking 
divirions respectively. Mr Cliff 
Wilkins has been appointed 
manager of the international 
division. Mr D. W. Kendrick has 
been appointed a director, 
w 

The Butler money broking 
group and Harlow Meyer Savage 
and Co, members of tbe Mills 
and Allen International group, 
have formed BUTLER HARLOW 
(FINANCIAL ' FUTURES) to 
trade on the London Inter- 
national Fi nanc ial Futures 
Exchange (UFFE), which com- 
mences operations on 
September 30. Mr David Plppard, 
a director Df Butler Till, is 
managing director of the new 
company. . Mr Howard Gilbert is 
appointed director in charge of 
dealing operations and Hr Peter 
Scott director responsible for 
overseas development 
★ 

Mr Ian Herman has been, 
appointed the first managing 
director of BIRMINGHAM 


TECHNOLOGY, a new company 
formed by Birmingham City 
Council, Aston University aqd 
Lloyds Bank to establish Aston 
Science Park— described as M a 
nursery lor high technology- 
business development” 

★ 

Mr B. L Woodworth will 
become managing director of 
DAVY McKEE (STOCKTON) on 
October 1. He succeeds Dr K. H. 
Hoyle wbo moves to Cleveland, 
Ohio, where he will lead Davy 
McKee's minerals and metals 
engineering activities in the U.S. 

Sir Denis Marshall has been 
appointed a member iff the 
CRIMINAL INJURIES COMPEN- 
SATION BOARD. He was presi- 
dent of the Law Society 1981-82. 
★ 

kb- W. J. A. Payne has been 
appointed a director of QUBIT 
UK, positioning consultants and 
suppliers of integrated naviga- 
tion systems and interfacing. 
Formerly genera] manager, he 
will continue with overall respon- 
sibilities for all European oper- 
ations and specific direction on 
interfacing production and 
development. 

More appointments. 

Page 20 


BUILDING SOCIETY RATES 


Abbey National 


Aid to Thrift' 

Alliance 

Anglia 

Birmingham and Bridgwater 

Bradford and Bingley 

Britannia 

Burntey 

Cardiff 

Cardiff 

Catholic - 

Century (Edinburgh) 

Chelsea - 

Cheltenham and Gloucester 
Cheltenham and Gloucester 

Citizens- Regency 

City of London (The) 

Coventry Economic 

Derbyshire 

Gateway 

Gateway 

Guardian 

Hatifar - 

Heart of England 

Hearts of Oak and- Enfi eM ... 

Hemet Hempstead 

Hendon 

Lambeth 

Leamington Spa 

Leeds and Hoi beck 

Leeds Permanent 

Leicester 

London Grosvenor 

Midshires 

Momington 

National Counties .... — ....... 

Nationwide 


Newcastle 

New Cross 

Northern Rock 

Norwich '. 

ftkddington 

Peckham 

Portsmouth 

Property Owners ........... 

Provincial '7.50 

Scarborough 

Bktpiton — 

Sussex County 

Sussex Mutual ...* 

Town and Country 

Wessex 

■Wfoolwich 

Yorkshire 

formerly Huddersfield. & 

- Bradford and West Yorkshire 


Deposit 

Stare 

Sub’pn 


rate 

accounts shares 

•Term shares 

% 

% 

% 

% 

7.50 

7.75 

9.00 

955 1-year bigb option, 955 6 years 
sixty plus, 8.50 min. £100, 7 
days’ notice no interest loss 

8J50 

8.75 

— 

— 

750 

7.75 

950 

955 4 years, 9-25 £500 min. 2 ruths.’ 
not or £100 + 60 days’ int pen. 

7.50 

7.75 

9.00 

9.25 3 yrs.. 2 mths.’ wrthdrwl. notice 

8.50 

8.75 

- 10.25 

10.75 5 yeors. 9.85 2} years 

7J!5 

7.75 

950 

8.75 1 nu not or on dem. (iut pen.) 

TSO 

7.75 

9.00 

9^5 Option Bond, 9.00 2 mths.’ not 

fTJSQ 

7.75 

9.00 

955 3 ym, 2 m. not; 8.75 1 m. not 

7.50 

850 

955 

— 

— 

tfl-00 

— 

— t Share a/c bal. £10,000 & over 

7J0 

8.00 

9.00 

9.25 3 mtb. notice £5,001+ 950 

8.15 

8.65 

— 

10.15 24 years 

750 

7.75 

9.00 

950 3 yrs. — 90 d. not on amt wdn. 

7fi0 

7.75 

9.00 

— 

— 

8.75 


— Gold Account Savings of £1,000 
or more. No notice— No penalty 

8-50 

950 

10.25 

10.75 5 1055 3 m. not/lm. tot l’ss 

7.75 

8.10 

925 

955 C.C. shs.— 4 mths.’ not.— no pen. 

7.50 

7.75 

955 

9.50 4 yrs., 955 3 yrs., 9.00 3 mths. 

7.50 

7.75 

9.00 

855-8.85 (3 months’ notice) 

750 

7.75 • 

9.00 

955 3 years 

— 

8.75 

— 

— Plus a/c £500 min. int f-yeariy 

7.50 

8.00 

— 

9.75 6 mth., 955 3 mtti., £1,000 srin. 

7fiO 

7.75 

9.00 

— Min. £500. 11% prem^ gntd. 5 
yrs., 3 mths.’ not interest pen. 

7fi0 

7.75 

950 

— . 1 m. not 8.75, fieri tm. 5 y. 955 

7.50 

8.00 

950 

9.75 5 yrs., 955 6 mth., 9.00 4 mth. 

7A0 

7.75 

950 

9.75 3 years. 950 3 months 

8.00 

8.75 

— 

950 6 months, 955 3 months 

7.50 

8.00 

9.50 

10.00 5 years, 9.75 6 months’ notice 

7B0 

7.85 

10.65 

9.35 1 year 

7 M 

7.75 

950 

9.75 5 yrs., 8.75 1 month tot pen. 

750 

7.75 

9.00 

9.25 3 yrs.. E.I. a/c £500 min. 975 

7.50 

7.75 

9.00 

9,25 3 years, 8.75 3 months 

7.00 

8.25 

11.00 

8.75 3 mths.’ notice 1 mth. int pen. 

7^0 

7.75 

9.00 

- 955 1 year. 3 months’ notice, no pen. 

8.30 

8.80 

. — 

— 

7.75 

8.05 

9.05 

9.75 6 mths., min. deposit £500, 9.00 
1 mth. xmn. deposit £500 

7.50 

7.75 

9.00 

9.25 3 yrs., £500 min. imm. wdl. with 
penalty. Bonus a/c 8.75 £500 
min. tram. wdL with penalty 

7.50 

7.75 

950 

9.75 4 yrs., 8.75 28 days’ notice, or on 
demand 28 days’ int penalty 

8-25 

850 


8.50-9.00 on share accs-, depending 
on min. .balance over 6 months 

7.60 

7.75 

9.00 

8.75 High InL Share 955 3 yrs. 

7.50 

7.75 

950 

8.75 3 yrs., 850 2 yrs. 

&25 

955 

10.75 

1055 1 month’s notice 

8J25 

850 

— ‘ 

9.00 2 y., 95 3 y„ 10.0 4 y.. 8.75 Bns. 

7R5 

855 

• 9.55 

9.90 5 yrs, 9.50 6 mths, 9.00 1 mth. 

.8.75 

955 

1055 

10.75 4 yrs, 10.75 6 mth, 1055 3 mth. 

. 7^0 

7.75 

9.00 

955 3 years, 8.75 1 month 

7fi0 

7.75 

950 

8.75 Money Care, not notice, no.-pen., 
plus free life cover 

750 

7.75 

950 

855:9.00 (1 mth.), 955 3 yrs. 

7.65 

7.90 

9.65 

8.40-9.40 ail with wdl. option 

7.75 

8.10 

9.75 ‘ 

8.50-9.75 

750 

7.75 

950 

950 3 yrs, 60 days’ w£L notice; 9.00 
imm. wtE. 28 days’ Interest loss 

• 7.75 

850 


— 

750 

7.75 

950 

955 90 days (int loss), 8.75 hnmed. 
access (int loss) or 28 dys.’ not- 

750 

7.75 

9.00 

955 5 yrs, 955 4 yrs, 8.75 3 yzs. 


8.25 2 yrs., 9.00. Golden key 28 
days’ penalty interest 


" Rates normally variable in line with changes in ordinary share rates, 
f Rates from * 

All these rales are after basic rate i*-' 1 


■’i*. 


and Markets 


NEW YORK 

| Sept. I Sept- 
StOCk 25 | 22 


ACF Industries... 

AMF..„- 

ARA- . 

ASA — 

Avx Coip- 

Abbot Labs, 

Acme Cleve— 
Adobe Oil A Gas 
Advanced Micro. 
A«tna Life A Gas 
Ahmanxon (H.FJ 
Air Prod AChem 
AKzoruL... — — 
Albany lnt.-—. 
AibartthCuW. — 
Albertson's-. — 

AicanJUumlnium 

Alee Standard.... 
Alexander ft aj... 
Alleghany lnt — 
Allied Corp 

Allied Stores. : 

Allie-Ch aimer*,...' 

Alpha Portd. 


Alooa ; 261* 

Amal. Sugar 651* 

Anuuc 22 U 

Amdahl Corp 265a 

Amerada Hess— 251* 

Am. Airlines. IBgb 

Am. Brand* 447* 

Am .Broadca*t*a 47** 

Am can 31 ia 

Am. Cyan amid.— SOU 
Am. Elect. Powr* 181* 
Am. Express 49i* 
Am. Can. Insnee.! 41 &* 
Am. Holst Sc Dk-..! 121* 
Am. Home Prod~{ 424* 
Am. Hoap. Suppy, 381* 
Am. Medloal Inti I 29 >2 

Am. Motors. ! 35* 

Am. Nat. Rcscee., 317* 

Am. Pettlna 687* 

Am. Quasar Pet-1 65* 


Am. Standard.. 
Am.Storee—,.— 

Am.Tsl. ft Tel 

Am eta kina 

Am fee 

AMP ...... 

Am*tar — 

Am stead lnd*_ 
Anchor Hoc kg. 
Anheueer-Bh — 
Archer Daniels. 
Armco. 


„ 267* 
_ 65 
.. 865* 
.. 301* 
. 23 
J 66 U 
- 211* 
.. 217* 
„ 16 
.. 67 J* 
.. las, 
_ 161* 


Armstrong CK —I 17U 

Asa mere Oil 9U 

Asaroo 291* 

Ashland Oil - 287* 

Asad. D. Goods... 40 

Atlantic Rioh 445* 

Auto-Data Prg .. 24 
Avco 21 

Avery Inti 29U 


Avnet 455* 

Avon Prod 245* 

Baker Inti 205* 

Balt Gas ft El. 295* 

Ban Cal 20U 

Bangor Punta .. 17>i 
Bank America .. 177* 

Bank of N.Y. 42V 

Bankers Tat N.Y. 34 

Barry Wright 18 t* 

Bauseh ft Lomb. 36i* 
BaxtTrav Lab— 43 U 
Beatrice Foods.. 21 U 

Baker Inds 47* 

Bell ft Howell _ 23fl* 
Bell Industries .. 174 

Bertdix 67 1* 

Boneflclal 21U 


Beth Steel 

Big Thee Inds... 
Black ft Decker. 

Block HR 

B ue Bell 

Boeing..... 

Boise Cascade.— 

Borden ... 

Borg Warner 

Briggs Strain 

Bristol-Myers 

BP... 

Brockway Glass. 
Brown Forman B 
Brown Grp ......... 

Brown A Sharp— 
Browng Ferrie— .. 
Brunswick........ 


Bueyrus-Erle.....; 14s* 
Burlington Ind 23 
Burlington Hrthn 44 

Bvrmfy ...... iau 

Burroughs........ 36U 

CBIInds. 391* 

CBS 485* 

CPC Inti. 344 

C»C 457, 

Campbell Red L. 161* 
Campbell Soup— 375* 
Campbell Tagg _ 37 
Canal Randolph. 405* 

Can. Pacific 244 

Carlisle Corp.... 234 

Carnation......... 364 

Carp Tech 327* 



Cigna..... ! 

Cincinnati Mil....; 
Citicorp. j 

niNM CnilM 1 


Cities Service.... .1 

City Invest. ' 

Clark Equipment 
Clove cuffs iron. 

Clorox...— 

Clueltt Peaby .... 

Coca Cola... 

Colgate Palm....; 
Collins AJkman...) 
Colt Inds 


374 375, 

24 245* 

264 285* 

46 46 

214 215* 

214 214 

21 U 214 
17U is 
184 185, 

43 424 

185* 19 

161* > 157, 
2B I 275* 


Sept.; So 
23 1 22 


Columbia Gas .... 30 i 295*' 
Combined Inti.J 217* • 224 
Combuetn. Eng..' 293* ' 29 
Cmwith. Edison. 237* : 235* 
Coram. Satelito^ 67V 694 


Comp. Science. J 154 
Cone Mills..,.— i 325* 
Conrac. 265* 

Cons Edison J 195* 

Cons. Food*. 381* 

Com Freight 1 474c 

Con. Nat. Casw,„| 265* 
Conmuer Power] 1BJ* . 
Cent. Air Una*..,; 44 
Conti. Corp., 254 

Conti. Group 314 

Conti. Illinois 177* 

Conti. Tcleph 17 

Control Data 30 


Cooper Inds... . ’ 

Coon Adolph...* 

Gopperweld 

Corning Glass ._[ 

Co rroon Black : 

Cox Broartcast*gj 

3rane 

Crooker Nat. 

Crown Cork. j 

Crown Zell 

Cummins Eng 

Curtiss- Wright _.j 
Damon ....... — 

Dana 

Dart ft Kraft t 

Data Gen.. 

Dayton-Hudson 

Deere........ , 

Delta Air 

Denny’s j 


Dentsply Inti ' 

Detroit Edison..: 
Diamond Inti 


Diamond ShankJ 
DIGiorgio 1 


DIGIorgio I 

Digital Equip ■' 

Dillingham ! 

Dillon — 

Disney iWattJ ! 

Dome Mines 

Donnelly (RR) 1 

Dover Corp ‘ 

Dow Chemical 

Dow Jones.... 

Dresser ...1 

Dr. Pepper [ 

Duke Power.—. 

Dun ft Brad.. 

Du Pont — 

E&ftP 


Easco — I 23 

Eastern Airlines.! 54 
Eastern Gas ft F.- 177* 
Eastman Kodak. 85 
Eaton... 30 


Echlin Mfg 1 

Eckherd Jaok — ! 224 
Electronic* Data. 33 
Elect. Memories. 44 

El Paso IB 

Emerson Elect J 624 
Emery Air Fgt— 115* 

Em hart— 354 

Engelhard Corp^ 265* 


Enserch . [ 165* 

Eamark J 614 

C.kul 1 SUtla 


Ethyl J 294 

Evans Prod 74 

Ex Cell 0 245* 

Exxon.. 275* 

FMC 314 

Faberge. I84 

Fodders. 21* 

Federal Co 224 

Federal-Mogul... 235* 
Fed. Nat MorL.J 14 
Fed. Paper Brd— 216* 
Fed. Resources J 04* 
Fed. Dap. Stores 414 
FI ride rest MI..- 214 

Firestone.... 117* 

1st Bank System 30 
1st Charter Fin. 144 


1st Chisago— 174 

1st City Bank Tmc 204 
1st Interstate.... 277* 
1st Mississippi... 84 
1st Nat. Boston- 257* 

1st Penn... 2 t* 

FI so ns. 67* 

Fleetwood Ent... 234 

Flexbvan 224 

Florida Pwr ft L. 344 

Ford Motor 26 

Foremost Mok... 384 
Foster Wheeler.. 124 
Freeport MeM._ 167* 

Fruehauf 194 

GAF 10 

GATX 25 

GTE Corp. ... 314 


Gan net 

Gelco 

Gen Am Invest. 

Gen Cinema 

Gen Dynamics . 
Gen Electric 

Gen Foods 

Gen Instrument 

Gen Mills 

Gen Motors .... 
Gen Pub Utilitie 

Gen Signal 

Gen Tire .......... 

Genesco ... — 


Genuine Parts— 

Georgia Pac 

Gerber Prod 

Getty Oil 

Gillette 

Global Marine — 
Goodrich IBF),.. 
Goodyear Tire .. 

Gould 

Grace. — 

OralngertW.W)— 


38 375* 

184* 184* 

26i* 264 

63 94 

407* 42 

75* 74 

22 224 

264 27 

26 253, 

364 367* 

415, 4BJ, 


Indices 


NEW YORK 


DOW JONES 


lepL . Sept. [Sept, jSepL SepLi Sept . ' — — — y 
23 ' 22 ! 21 I 20 | 17 , 16 High | 


Gt Atl. Pae. Tea. 
GtNthn.Nekoosa! 
GL West Flnancl.: 

Greyhound. ; 

Grumman. — 
Gulf ft Western J 


81* 84 

364 365* 

174 ! 174 
191* [ 194 
384 I 374 
144 1 144 


Gulf Oil... { 

Hail (FBI... -J 

Halliburton...-—., 
Harnmermilt Pprl 
Handieman 
Hanna Mining..., 
Harcourt Brace.. 
Harris Ban cp-..,i 
Harris Corp ——I 

Harsco. — 

Hecia Mining— 

Heinz (HJ). 

Haller Inti— ! 

Hercules — I 

Hershey..— 

Heubfein .... — ; 

Hewlett Pkd. | 

Hilton Hotels._...f 
Hitachi I 



Husky Oil J 

Hutton (EF) 

1C Inds— ' 

IU lnt. J 

Ideal Basic Ind— : 

I Cl ADR \ 

Imp Corp Amer.I 

INCO 

Ingersol Rand ..., 

Inland Steel 

Intel 

Inter First Corp. 1 

I ntartako ■ 

Inter North 1 

IBM J 



Kaiser Steel. — 
Kanab Services - 

Kaufman Brd 

Kay Corp 

Kellogg 

Kennametal 

K«rr-HloGsfl~ 

Kklde 

Kimberly-Clark . 
Knight Rdr. Nws. 

Koppers. 

Kroehler. 

Kroger— ...... 

LTV 

Lanier Bus. Prod 

Lear-Slogler 

Leaseway Trans 


Lenox... .... 

Levi Strauss- 

Lavftz Furntr 

Ubby Owens Fd. 

Uly (Eli)- — 

Uncoin Nat-. — 
Litton Inds— ...... 

Lockheed — 

Loews... — 

Lone Star Inds... 
Longs Drug stra. 
Louisiana Land— 
Louisiana Pac— 
Lowanstein — 
LubrixoL— 


Lucky Strs.. 

I M/A Com. Inc... 

MCA- 

MacMillan ........ 


Mao.... 474 

Mfcrv Hanover... 314 
Manvilte Corp. ... . 54 

MaPeo 247* 

Marine Mld_ 16s* 

Marriott. 474 

Marsh McLenn.. 374 

Martin Mtta .434 

Maryland Cup — 374 

Mas«°~ ....; 38 

MasMy Feign. 17, 
Mass Multl-Corp- 195* 

Matte 1 - 144 

May 0"pt. Stts.J 324 


181* 
39 4 
424 
331* 
89 
824 

Merck 1 8O4 

Meredith 70 

Merrill Lynch 37 


[Since Cmpll'Vn 


Financial Times Saturday September 25 1982 


WORLD STOCK MARKETS 


Sept. | Sept. 
23 I 22 


MGM. 6 

Metromedia .253 1* 

Milton Bradey —i 224 
Minnesota MM— I 665* 

Missouri Pao 674 

Mobil 264 

Modem Merehg 134 

Mohasco. loi* 

Monarch M/T— 167* 

Monsanto-, 77 

Moore McCmric, 165* 
Morgan (JP) — i 58s* 

Motorolo J 75 

Munslngwear. ..I 125* 
Murphy <GC?.„, .. 18 
Mtirhy Oil-,,.— | 234 

Nabisco BrandsJ 39 
NaicoCham..-— ] 27s* 


Nat. Gui J 

NaL Detroit. J 

Nat. DisLChenU 

Nat. Gypsum — 

Nat. MedioaiEnt 
Nat. BemleductrJ 
Nat. Service Ind.. 
NaL Standard—.! 

Nat. Steel J 

Noto mas 

NCNB -1 


IB 1 181* 
844 I 254 
23 i 234 
22 ' 224 
204 1 204 
IB 4 ! 181* 

314 1 314 
94 ; 9 
191* I 16 
185* [ 184 
144 I 144 



544 
284 
46 
305* 
4 

607* 

514 
214 
361* 
124 
187* 
30 
23 
194 

— . 194 

Ogden i 2H& 

OgilvyftMrth ! 374 

Ohio Edison— ' 134 

Olln— ; 214 

OmarK. J 164 

, Oneck. -i 864 



255* ; 255* 
134 ; 134 
214 I 214 
255* . 297* 
25 ' 86 

41 414 

I 84 184 
274 274 

885* 884 

1S4 20 


Palm Beach 

Pan. Am. Mr 

Pan. Hand Pipe... 
Parker Drilling — 
Parker Hanfn.— 
Peabody Inti — — 

Penn Central 

Penney (JO 

1 Pannull. 


20 105* 

27* 3 

264 255* 

75* 75, 

1B4 194 

61* 67* 

234 234 

444 1 45 
28 | 285* 


Peoples Energy-! 84 

PepsiCo- 464 

Perkin Elmer — . 237* 

Petrie Stores 24 

Petrol one- 12 ■ 

Pfizer 694 

Phelps Dodge-... 22«* 

Phlla Elect - 164 

PhllbroSaJ’n Inc. 384 
PhllipMorrfs— ._ 565* 

Phillips Pet. - 284 

Plllsbury— 441* 

Pioneer Carp | 164 

Pltney-Bowes 364 

Pittston— 13 

Planning Ros'ch. 84 
Plessey 964 

Polaroid— - 254 

POtiatoh.... - 257* 

Prentice Hall. 294 

Procter Gamble. 100 


Pub. Berv. Eft GJ 224 
Pub. S. Indiana— 235* 

Pure la tor 334 

QuakorOats 394 

Quanex 74 

Quester- 14i* 

RCA. 234 

Raison Purina.... 144 
Remade Inns....- 6 

Rank Org. ADR... 24 

Raytheon 454 

Reading Bates — 125* 
Redman Inds...— 164 
Reichhold Chem 134 
Re public banc — 274 


Republia Steel ... 
Resch Cottrell..- 
Resort Inti A— 

Revco(DS). 

Revere Copper— 

Revlon.—- - 

Rexnord 

Reynolds (RJ) 

Reynolds Mtis.— 

Rite Aid 

Roadway Exps— 

Robbins (AH) 

Rochester Goa... 
Rockwell Inti — - 
Rohm ft Haas- — 
Rollins.- — 


Rolm 

I Roper Corp-— -- 

I Royal Crown 

Royal Dutch 

Rubbermaid 

Ryan Homos 

l Ryder System -.. 
SFN Companies- 
SPSTechnoifties 

Sabine Corp. 

Safeco. 

Safeway Stores- 
St. Paul Co* 


; St. Regis Paper.. 
Santa Fe Inds. ... 

Saul Invest. 

Sobering Plough 


■ Soot. . Sect. 

; 22 1 22 


Schlumberger... 

Scm.... 

Scott Paper 

Saacon — — — 

Seagram 

Sealed Power — 

Soarle fGDi_ 

Sean Roebuck... 
Security Pac—... 
S«dco- — 

Snell on 

Shell Trans 

Sfierwin-Wm* — 

Signal 

Signode 


Simplicity Patt_J 

Singer j 

Skyline 

Smith Inti ...- 

Smith KlinaBeok: 
Sonesta Inti— ....—■ 

Sony— [ 

Southeast Ban kg. 
3th. Cal. Edison . 
Southern Co....—! . 
3th n. NaL Res....; 
Sthn. N. Eng.TeLj 
Sthn. Pacific 

Southlands - ! 

S.W. Bancs hares 

Sperry Corp : 

Spring Wills—. ; 

Square D 

Squibb ; 

std Brands Paint, 


Std Oil Cllforni9,i 
Std Oil Indiana— 1 

Std Oil Ohio ! 

Stanley Wks. — ■ 
Stauffer Chem.. 
Sterling Drug — ; 
Stevens (J.P.I.— ! 
Stokriy Van K — ; 

Storage Teoh 

Sun Co. 

Sundstrand — , 
Superior Oil—... j 
Super Val Strs— 
Syntax 

trw — : 1 

Taft : 

Tampax— ! 


Tandy \ 

Teledyne : 

Tektronix 

Tenneco 

Tesora Pet ! 

Texaco — 

Texas Comm. Bk 
Texas Eastern _. 
Texas Gas Tm — 
Texas Inatrirn'ts 
Texas Oil ft Gas— 
Texas Utilities — 

Textron 

Thomas Betts — 

Tidewater 

Tiger Inti — ... 

Time Inc — 

Times Mirror— 


Timken — 

Tipperary- 

Tonka. 

Total Pet 

Trane 

Transamerfea... 

Transway-—.-., 

Trans World. 

Travellers.—. 

Trice ntrol 


, Tri Continental — 

Triton Energy 

Tyler 

UAL- 

UMC Inds. 

Unilever N.V. 


Union Camp. 

Union Carbide—. 


Union Oil Cal— 284 
Union Padfic— .. 414 

Uniroyal 77* 

Urrtd. Brands—.. 84 
UnL Energy Res. 264 

US Fidelity G. 384 

US Gypsum 365* 

US Home 174 

US Inds 9 

US Shoe 434 

US Steel- 184 

us Surgical- 21 

US Tobacco— 514 

US Trust- 394 

Utd.TechnoIga— 494 
Utd. Telecomms. 184 


Upjohn 44 

VF. 587* 


Vartan Assocs. _ 444* 
i Vemltron— 107* 


Virginia EP- 

Vulcan Matrts — 
Walker (H)Raa._ 
Wal-Mart Stores 
Wornaco— . — — 
Warner Com me- 
Wamer-Lambt— 
Washington Post 
Waste Mongt — 

Weis Mkts. 

Wells Fargo-...— 
W.PoInt Peppl.... 
Western Airline. 
Westn. Nth. Am.. 
Western Union— 
Westing house — 

Westvaee 

Weyerhaeuser — 



! SepL Sept. Sept. I Sipt. 
I 24 23 22 I 21 


Olndustr'ls 1 926J7; 327^1 934.7fl!9».S0:9 16^4 ^27 JO 1 9M.78 776.82 1BT.70 41J2 
I 1^1! «ll9! (12IB1 Tlini7S} (2I7IM 

H'rne BndS 1 64.74 M.M Mja;64JS 63.73 B3.68 ' S4.54 66^7 — I — 

' ! :■ i 13131 (!M> 

TransporL'l 37I.I&! 668.711371.18^62.93 3B2.2& 367.81 1B8.4E 2S2.T2 447J8 ! 12J» 

1 ! (7jl) 03/61 IWSftl) (8(7/621 

Utilities I ZI7.4S UB.69i 116.87: 116.81! 115.BS 116.89 117.43 1G3JZ2 | 163.32 < 10J 

„ J I | 133 (8 J ( ni7) (20/4(68) 28/4/42) 

TTOdlngVoJ; 1 ’ ' i ; 

000- 1 66^160,1 16,1 M[82 l 92ff5B a 6!0 66,860: — 

! i 1 ! i i | i 

ft Day's high 953^0 low 915.38 


AUSTRALIA I | 

All Ord. (1/1/86) I 621.1 623 J! | 620.4 611.7 6S6JI (<m 

Metal ft Minis. (1/liBB) ! 418.6 <22.6 | 421.6 410.9 42B.1 (6/1) 


44SJliB/n 
283.0 (8/7) 


AUSTRIA j 

Credit Aktien (2/1/62) I 47.71 47.72 | 47.87] 47.82 66 88 (4/1) 47.71 (24/8) 

BELGIUM I I I J ~~l 

Belgian SE (31/T2/8S) 183^8103^6 138.B91 UHJWl 103.89 (22/9) 86.42 (20/1) 


DENMARK 

Copenhagen SE (1/1/76) 


| ivveuu imrjtfli IWWNI 

113.1l! 111.16 111.84/ 111.16 • 


mSStB/S) HHL61 (I S/3) 


Indust'l dlv. yield % 


Sept 17 [ Sept 10 I SepL 3 Year ago (Approx 


FRANCE 

CAC General (31/12/31) Wfl.10 1MJ 100.4 99ft 111ft (TM) 89.3 (12/8) 

Ind Tendance (31/12/81) I16.70J 116.1 118J 116.6 l!4ft (1E/B) 87 J (4/1) 


STANDARD AND POORS 


iSlnoeCmpllt'n 


GERMANY ... 

FAZnAktlen (21/12/68) 254.86! 25Gft8 237.16- 253.181 293.46 (6/4) 214.08 (T7/B) 

Commerxbank(DeclB3) 710.101 712ft 71Bft I 736ft 728ft (6/4) 868ft (17/8) 


tComp's/tej 125.81] 123.ni 124.38] 122ftl[ 


Indust'l dlv. yields 


Low 

High 

LOW 

1T4.AB 

I teftS 

8ft2 j 

oa/6) 

jwn/* 

(HI/8/32 

102.42 

MSftZ 

4jW7 

(12/81 

38/U/tt 

Jn/B/52) 

8 | Year ago (approk 1 


HOLLAND 

ANP-CBS General 0878) 88.3 88.1 88.1 87ft B6ft (10/6) 

ANP CBS Indust 0978) 68.8 88ft 88ft BBft 74ft (10/6) 


84ft (8/1) 
B3ft (4/1) 


HONG KONG I 

Hang Seng Bank(31/7/64 iwaft6h086.12 1121ft6|ll13ftd WiftSflSTI) W7ft8 OM) 


Indust’l PiE ratio 


Long Gov. Bond yield 


j lifts 


Banca Comm ltal^ 1972 ) j 159 . 92 , 180,78 IHfta 1 B 8.17 H 2 ,tt( 1 W) 1 < 7 ft 3 ( 22 / 7 ) 

JAPAN" L t~~ 7 ' 

Dow Average ( 18 / 6 / 48 ) 7 BM .04 ( c \ 7 B 71 . 107 IM 0 . 2 B 732855 ( 27 / 1 ) 686 MB ( 17 / 6 ) 

Tokyo NSW SE ( 4 / 1 / 68 ) | 580.68 (c) 531 ft 7 [ 623.05 633 ft 2 ( 27 / 1 ) 511 . 52 ( 17 / 8 ) 


NY. 5. E. ALL COMMON 


es and Fails 
SepL23S«pt. 22 SepL 21 


SepL SepL SepL SepL , Iwues Traded ;i,88S :ift37 il,916 

T“l 21' KI. High ! Low »«* j 6|8 | 8M 1^00 

. ■ j... Falls —[ : 720 373 

70.9871.1071^970.25 71.49 ! 58.80 Unchanged 373 378 | 343 

; ; l I (21/9) | (12/8) [j 8W Highs.— ..I 68 j SIS i 116 


NORWAY i 

Oslo SE (1/1/72) I 716.67 H6ft6 HBJl 116.86 130ft9(28ri) 108.11(1/4) 

SINGAPORE I • ” 

Straits Timas (1966) : 866.87]-BSIJ2l B59.BB 1 646.71 BIB J6 (6/1) 667.07(16/8) 


SOUTH AFRICA 
Grid (1868) 
Industrial (1366) 


Naw Lows — ■ 


~ 876,8 I 864ft ! 841ft^ 176 J (26/9) SSSft (8/7) 

- I «BSft | 863.8 / 641.9| 71U <B/I) 607ft (28ft) 


MONTREAL 


SepL! SepL SepL I SepL 
S3 [ 22 SI 20 


SPAIN | . 

Madrid SE (56/11/11) Blft? j BUS 81.41 Uftg 187.46 (8ft) 80ft0(21ft) 


industrials j 581.49! sn.4o| sos.is; sooft3j ama (4.i) 249ftB pi/s > 
Combined I M4.17j 268.48 a«J2| SMftrt 316.08 (4.1) 237ft7 (21/6) 


i SWEDEN 1 ■■ 

Jacobson 9s P, OfllU) — B7B.76 (U) 668ftsj 678.78 (SSft) M3ft8(S9/4) 


dcai 


TORONTO Composite] 1846ft| 1865.81 168B.ll 1B3Sft| »MJ (4.1) 
NEW YORX ACTIYH STOCKS 


1562ft (7/7) 


SWITZERLAND j 

Swiss BankCpnJ31/1Sft8) 260.1 280.7 262ft 242ft MJ.l (11/1)' 257ft (17/9) 


WORLD . 

Capital Inti. (1/1/70) 


- I IMft | 157 ft | 756 ft I 147 ft ( 4 / 1 ) } 118.4 ( 15 ft) 




Change 




Change 

Thursday 

Stocks Closing 

on 


Stocks Closing 

on 


traded . 

price 

day 


traded 

price 

day 

IBM 

1.254.000 

76=k 

+ s * 

Wool worth ...... 

726.400 

23V 

+ V 

Xerox 

. 960.500 

33 ‘t 

+ 1S 

General Motors 

689,600 

47V 

- V 

NLT 

. 838.700 

42** 

+ \ 

Exxon 

688.200 

27t. 

+ V 

Fed Net Mart .. 

. 756.300 

Id 


Am Tel & Tel ... 

650.600 

56*. 


Giricarp 

. 746,600 

26Vcd 

- h 

Crum & Fo rater 

637,600 

48 

- \ 


(") Saturday Sept IS: Japan Dow (c), TSE (e). 

Bass values of ell Indices are 100 except Australia Ail Oidlnary and Metals— 
300. NYSE All Common— 50: Standard and Poors — 10r and ‘Toronto— 1,000; the 
last named based on 1975. t Excluding bonds. * 400 industrials. 1 400 
industrials plus 40 Utilities. 40 Financial* and 20 Transports. 0 Closed 
u Unavailable." 


Early 5.88 loss on Wall St Lnge 

FURTHER LOSSES at 2.S74.0. But Banks fitmpd Amonis Banks, failing to draw Industrial sectors was * 


recorded in s&igsh tradicg oc 0.31 to 303.60 and Utilities 0.13 
Wall Street yesterday, when tne to 214J24L 


market refiected investor con- 
cern Lb out interest rate trends. 

By 1 the Dow Jones Icdas- 
triai Average was down 5.SS to 
91959, ciimog its rise on the 
week to a mere 2.95. while the 
NYSE AU Common Index, at 
S7D.81. shed 1™ cents oa the day 
but was still na 47 cents on the 
week. Declines led advances by 
a six-ta-Sve majority. Volume 
totalled a modest 43.09m 
(51.03m) shares. 

Analysts said investors were 
moving out of the market ahead 

of the Weekly Money Supply 

figures, due after the close. The 
M-l measure is expected To show 
a slight decline, which would not 
offset last week's S4J3bn increase. 

M-l’s growth rate is currently 
well above Federal Reserve 
targets, and analysts said 
investors are worried that the 
Fed may tighten credit restraints, 
which could in torn push interest 
rates higher. 

Semiconductor stocks were 
weak in response to negative 
Pres 5 reports. Among the losers 
were Motorola off 519 to S73{. 
Texas Instruments Slj to S96) 
and National Semiconductor S4 
i to S17s. 

El Paso Corp bad one of rhe 
biggest gains, rising S2j to S21« 
in heavy trading. The company 
said it could sot explain the 
activity in its stock. 

Pogo Producing moved up SI * 

! to S244 and Exzterra improved 
SIS to S22J. 

THE AMERICAN SE Market 
Value Index shed 0.56 to 290.36, 
reducing its rise on the week to 
1.23. Trading volume decreased 
242.000 shares to 2598m. com- 
pared wtih 1 pan Thursday. 


26 3 at 2.674.0. But Banks firmed Among Banks, failing to draw Industrial sectors was damptowjii 
11 to 305.60 and Utilities 0.13 strength from Thursday’s refla* br the -morning's sharp rise 
2ML24. lion of Bundesbank policy, the dollar, while Insurances w 

Massey -Ferguson, up -5 cents Deutsche fell DM 2.40 to 258. Fi na n c ia l s, ended barely stea*-- 
$2.16, expects to conclude its Metallgcsellschaft jumped ‘ 1*ie Swiss Bond Market con- 
bt restrucuiring talks and DM 10 to 219 in a thin market, tinued its recent uptrend, win 
ake an announcement "by early Engineer mgs were mixed, with Interest forcusscd on "huA 
;xt week. Unde up DM 2L50 al 288.50 but .quality Domestic issues. . 

Dome Petroleum, halted alAN down DM 3 at 147. Steels Among Foreign shares, DoUk 
mrsday at S5J. is discussing the had Thyssen down Dm 3.40 at stocks closed mostly beta 


at $2.16, expects to conclude its Mel 
debt restructuring talks and DM 2 
make an announcement "by early Eni 
next week. Linde 

Dome Petroleum, halted alAN 
Thursday at S5i. is discussing the had ' 
refinancing proposal made to it SG£Q. 
by its Canadian Banking Group 
and the Government. Pa, 


Paris 


Tokyo 

After fluctuating narrowly, 
prices closed slightly lower in 
thin trading. Turnover ISOm 
( 220 m) shares. 

Due to Wall Street’s retreat 


Firmer in active trading with 
sentiment boosted by Thursday’s 
beginning of the new monthly 
account. 

Banks and Motors were 
strongly higher. Portfolios. Elec- 
tricals and Metals were mixed. 


overnight New York etaim 
levels. Dutch Intemiioaals cwj 
tinued firm, Germans *en 
mixed. 


Hong Kong 


Thursday and the yen's decline Rubbers , Engineerings, Construe- 

tions, Storesfoils and Chemicals 


years in Tokyo Friday, however, 
the market was spiritless. 

Traders noted, though that a 
sizable number of Foreigners 
hunted bargains during the day 
despite the yen's weakness. They 
speculated that Foreigners 
apparently thought the Japanese 
currency may now have 


Stocks closed little changed 
Prices fluctuated thnwghoa 
the day on different interprets 
tions towards the outcome q 
S ino-British talks on Hong Hoc 
taking place in Peking. 


fell in value. 

Americans, Dutch and Gold 
Mines rose, while Germans, 
Japanese, Oils and Coppers were 
mixed. 


Singapore 


Milan 

Generally lower, although late 


approached the bottom and may acti^rediced Extent earlier 
start acquiring strength again. reauceD ^ 

- Ma ^‘ £ Iue Chi £ s F* faSs. which prevailed in light 

in part because of profit taking vo iume. especially hit issues of 


. Share prices edged . high« 
partly on takeover, rumanr 
involving “second-" and." thin 
line” Malaysian companies. 

Holds, Properties and Con 
modiiies were better,, wher 
traded. 


by individual market players. 

Sharp rose 7 to YS97 on news 
that strong video tape recorder 


the Banco Ambrosia no Group, on 
renewed fears of negative effects 
on subsidiaries of the liquidated 


Mies and favourable Foreign Sank folio wV a proving 
Exchange conditions may boost investigation *nto the case, 

pre-tax earnings 20 per cent n j .B tlM .t T O 


pre-tax earnings 20 per cent 
from a yea rearlier in the first 
halF of this fiscal year ending 
this month. 

Sumitomo Metal Mining leaped 
ahead on a decision by Exchange 
Authorities to lift restrictions on 
Sumitomo's price fluctuations. 

The yen's fall sent Oils down 
across a broad front. Traders 


Centra le. off L10S at L2.430. 
and Toro Assicurazionl. off L95 
at L10.650, were as a result 
among the big losers of the day 
as well as some leading Insur- 


Australia 

After eight successive dan 
gains, markets finally eased, wtv 
Resource issues weakenin 
shorpb'. To some degre* 
markets reflected overnight Wa 
Street and London weakness r 
well as the indecisive state i 
World Bullion Markets, 
Locally, it became appaia 
that the recession has fin*].' 
caught up with the Mom 


a nee issues such as Generali and industry, as BHP— off 6 cents : 


BAS. 

Also companies of the Pesenti 
Group, ItalmobUiare and ltal- 


Canada 


aiiau a uiudu uuul iraueta i cinniflmnt 

explained that many investors «««“£ P osted MfinificaTlt 


Stocks were lower at mid- 
session in uneventful trading 
yesterday. . 

The Toronto Composite Index 
was off 5.S at L642.3. Metals and 


had been disappointed by the 
Japanese currency that weakened 
despite U.S. interest rate 
declines. 


Germany 


Most shares closed easier as 


dcelines. 

Fiat and subsidiaries of its 
group held maitrtv firm following 
its net consolidated profit oif 
L90.1bn in 1931 and that a 
roughly equal profit was 
expected f-or 1982. 


Minerals 1LS at 1,431-1. Oil and political uncertainty ahead of CroitTprlnnfi 
Gas 19.3 at 2.S37.6 and Golds — jwiiaaiduu 


Closing prices for North 
America were not available 
for this edition. 


Sunday’s key election in Hesse 
reduced orders to a trickle, 
prompting professionals to 


Narrowly mixed after being 
lower for most of the day. No 


reduce their positions ahead of fresh factors affected trading. 


the weekend. 


Sentiment in the Banking and 


A37.60 — announced Thursdi 
that it was laying off workers ; 
its Woolongong coal mines. 

Gold Mines were ail slight 
easier and some Base Met 
Heavies came off the top. o 
and Gas leaders of the early pa 
of the week. Santos, Vamgas ai 
Magellan all fell to proftt-lakm 

TNT declined on its pro 
report. While the Internation 
Transport Group earned a recoi 
A£63ra in the year to June 3 
margins were clearly under prt 
sure in the last quarter and tl 
outlook for the rest of tl 
calendar year isn't good. 


CANADA 


DENMARK 


[HOLLAND (continued) | AUSTRALIA 


ir-; s S* 


Sept B4 


SopL 84 


Price + ot 
Fra. - 


SepL 84 


■Price j + or 
U»L8 1 — 


JAPAN (Continued) 

i Price ! + c 
Sept 84 | Yen i - 


AMCA Itt H_ , . ■ 184 18 

Abitibi 184 i 184 

Agnico Eagle—. 1 114 j 114 
Alcan Alum In—.. 1 267* i 27 s* 
Algoma Steel — .1 274 j 276* 

Awastos. I 114-1 IU* 

Bk Montreal I 214 ; 216* 

Bk Nova Scotia— 254 26 

Basic Reuurcesj 2ft5 | 2.05 


Bell Canada j 19 | 1ST* 

Bow Valley | 16s* : 164 

; BP Canada — — ; 2768 . 28 

! Brascan A J I6I2 16a* 

Brinco. -J 3ft0 | 3.80 

B. a Forest J 9 ! gi* 

CIL Inc < 19i* 194 

: CadillacFairview, 61* \ 65* 

Can Cement— 94 10 

Can NW Energy-1 53 \ 344 


Andeltbanken 117 GlvL-Brocades — 

BalticaSkand — 373 +8 Helneken . 

CopHandelsbank 127.0 Hoogovans 

D. Sukkerfab-.... 366 Hunter Douglas.. 

Oanske Bank. 127.0' .: lnt Muller- 

East Asiatic 82.6) +Oft KLM 

Fo rondo Brygg— 597fti +3ft Naarden — ! 

Forende Damp— 288.4 +3 Nat I 

GNTHldg- 171 4-1 Ned 1 

Jyske Bank. [ 178 Ned 

Nord Kabo | 130 +0.4 Ned 

Novo Ind 1,975 Ocd' 

Papirfobrikker J 79ft - - Omn 

Privatbanken—J 122 PaW 

Prov/nsbankan.-( 117 — .... Phlli 1 


82 j -Oft 
68.7 +2 
15.1 


ANZ Group I 3.88 


Ac row Aunt — | 1.40 

Ampd Pet lftO 

Assoc. Pulp Pap 1.55 


7.7 —0.6 Audi men - — 

16.9 +0ft AusL Cons. Ind lft? 

88.5 —0.3 AusL CuaranL . J 2.85 

21.6 +0.5 AusL NaL Inds.... 2.18 

107 +pft AusL Paper LSO 

25.1 +0.1 Bank NSW 2.80 k 

109ft +0.7 Blue Meta! 1.52 


Ned Cred Bank. J 
Ned Mid Bank.— I 


Nat Ned cert— 107 +Oft I AusL Paper — 
Ned Cred Bank.- 25.1 +0.1 iBank NSW ..— 


+0 4 I Ned uoyd— —J 106.5 +0.1 IBond Nldgs. 

* 0A ‘SScrilsfc::: 127.61 -oft aomi 2.1s 

Ommeren (Van) J 19ft +0.S4 Bougartvtllo..^....! 1.58 
Pakhoed -| S7.B| +0.7 I Brambles lnde—1 2.45 


provinsbankan.-j ii7 > Philips.—. 

Smidtn (FJ-)-..-; 173ft +4ft I Rlin-ScheWe ... J 


Soph us Bo rend J 
Superfos -I 


Can Packers.— .i 281* 

Can Trusco 23 

Can Imp Bank.—! 224 

Cdn Pacltio | 304 

Can. Pac. Ents— i 17s* 
Can Tire I 43 


! 281* | 285* 


FRANCE 


Chleftan I 224 

Comlnco : 451* 

Cons Batest A—.. I 174 
! CorrLBk. Canada/ 9 
CoiekaRas— J 3.55 

Costsun 54 

; Daon Devei -i 0.99 

Denison Mines ._ Bis* 

Dome Mines. J llh 

Dome Petroleum! 5.12 


Price + or 
Fra. — 


Robe go »-■] 

Rodamco....— 

Rollnco — 

Roront — 

Royal Dutch...-. 

Stavenburg*> 

Tokyo Pac Hg 

Unilever , 

Viking Re...— 


+ 1 Brunswick Oil ...| 0.11 

+0.1 CRA : 4 ®-83 

+ 0.5 C 8 R ] 5-15 

+ 1-1 Carlton A Utd ' EJ)7 

—0.1 Castleraalne Tys I 3.70 
+OJJ Cockburn Cemd 1.25 
—5 Coles (GJ4 .„.... J 2.30 
! e ik 


’loos Kubota ! 328 

+tSJS KumagoL j 394 +3 

Hri'S Kyoto Ceramic - 1 3.830 +s 

+ 0 BJ Lion— 337 +2 

Maeda Const .. ..i 515 -2 

Zob'i 740 

ojos Marubeni...... ! 277 *x 

Marudal 1 511 , ~4 

M*ta Eieo Works.; 470 ~A 

irbishi Bank 500 

M'bishf Corp. ■ 473 i 

..... .. ^^1 280 ] -1 

« M'blshl Estate....' 418 I -3 

— MH! -...J 178 ! -2 

-0ft6 Mitsui Co -j 297 -1 

Mitsui Real EBI...I 599 j +€ 

ju Mltsukoshl i 353 i -J 

NGK Insulators..., 452 . +2 
Nippon Denso— .1,000 
ZqT Nippon Gakkl 650 j ... 

“• ui— i z*io . j. 


S i‘-*i * 


■■ ; ' s i 
* • s If*.- r - 
• i ft. -jw 
. . t* 7 -4 


418 | —3 
178 ! -2 
297 -1 

599 +e 


. 0B5 1 Nippon MoaL..-.j 372 
+ 0,M Nippon Oil —j 860 


Emprunt4i* 187^1,865 
Emprunt 7% 1973..8.099 

ONES? 3,110 

AlrLlquIde— — 463 


viking Re...— 

Vmf Stork 

VNU - 

West Utr Bank-.. 


SSlSr 4 ' 215 raw Nippon ShimpanJ 710 ! „ 

- nil ~° M Nippon Steel ] 132 « _ 

=m SSSSZ25 SS rr asr" “"“"-.“S . ;J 

-OS Dtinlnn < 1.08 NTV ,a,oou , +< 


I Acquitsine — _J 104.1 +0.1 


Nissan Motor.—..} 716 
Nisshln Flour J 316 

S53L— ::1 «f 


AuPrlntamps— | 133 

B1C 444 

Bouyguea 720 

BSN Gervais 1,495 


SepL 24 


Carrefour— L427 

Club Medlter-.J 503 


Dorn Foundries-] 33 


Dom Stores—... 

Domtar 

Falcon Nickel— 


Genstar 14 


GL West Life 1.85 

Gulf Canada 164 

Gulf Stream Res. 1.37 
Hawk Sid. Can — IU* 
Hodinger Argus- 27 


Hudson Bay Mngl 143* 
Hudson's Bay- J. 184 

Husky Oil 1 7.62 

Imucn I 473* 


Imasco 473* 

Imp Oil A I 29S* 

In do lls* 

Indal 1 11** 

Inter. Pipe— — -1 2Q 


Club M editor — _ 503 

CFAO - 579 

CFS (Thomson)... 126j 

Cie Banca) re 202 

CieGanEaux— . 312 

Coflmeg — 120,; 

Crouaot Loire— 73.. 

CFP 102 

DNEI - 41.1 

Dumez 1,162 

Con. Occidental. 409 

■metal- 49 

Lafarge 211 

L’Oraal 984 

Leg rand- 1,556 

Maahlnas Bull— 28.' 

Matra 1,785 

Mlohalln B 646 

Moot- H an n assy _ 798 
Moullnax - 55.< 


Ass) cur Gen — 

Banca Com' le — 
Bastogi IRBS. 


I26.5i — 1J5 iGentrale ..... 


7^7 +lft BderSmittiG ZJB NjPPon Yimen...... 2X4 j +1^ 

Endeavour Re*— | 0.16 - SSSmrSSr 

■ Gen. Prop. Trusic 1.60 SS5£ SffK' 

Hartogen Energy^ 2.32 -0.03 S*”!" 1 ”**' 

ICIAIUL I 1.60 -OftS 

Price 4, nr Jennings I IftO - 

Price +or j| mbalanOJ( 50cfp 0ft8 -0.B2 HJU*— 

Ura Jones (D) — | 1.82 +0ft2 5£S!“ 

is *D0 l.iRW Leonard Oil— — ... .j 0.12 — SanvoElecLl"""""' 

Sib -lie M,M - - 3.45 +0.01 “£J£ | E , * C * 

83 *1.6 M^SSh^ni r"'" o'lB Sekisui Prefab "! 

-?0? 5KE£h2fc ! I Sharp - — ... 


160 "*•« 

1J0 I P rt ® nt Leasing -.11,480 -i 


rjtu 


Jlmbalanisterp 0 ft 8 ^USSfcrd 1 ® 


♦HSas===i 


l 1 move' 

pact de 


Sekisui Prefab ..J 
Sharp - - I 


Cradfto Varnliid 4,900| -110 -j J-9J "-it™ Shlsetdo-"— 913 

Flat 1,624 -1 Myer Emp. 1 1.42 +0JK ^ —. 3,350 


120.81 +0ft Rnslder— — ; — 33A -Oft NaL Bank —I 2.66 

73.51 -Oft SSRSaccSf- of'iSS + £E« News....— ...— J a.30 


41.3 -0.1 
162 +47 


— 0.6 jWcyn pntl 24 , TOO - 80 ) Mlcholaa Kiwi.-: 

:S5 ils =iT ssem= 


Snia Vlscosa 632 —23 

Toro A9ak> 10,650 —95 

do. Prof 7,5501 —25 


News — 2.30 

— Nicholas Kiwi.... 1.85 
North Bkn Hill— 2.30 

Oakbrfdge.-.,- 1.75 

“J86 Otter Expi— 0.62 

-g° Panoon 1.72 

“ Sf Pan Raoifjo 0J09 

~ 2® Pioneer Co 1.50 

~ 850 Queen Margt G. 0.22 


RecklttAColman ift5 


NORWAY 


Pemod RJcard — 374.5 — 6.5 


Price + or 
Kroner — 


Santos 6.02 

Sleigh (HC) 0.72 

Southland Mln'gJ 0ft6 


Mac BloedeL 22 

Marks A Spencer 7** 

Massey Ferg. 2.1 1 

McIntyre Minas- 29 

Mitel Corp. 2BS* 

Moore Corp- .413* 

NaL Sea Prods AJ 71* 
Noranda Minas— | 16i* 


Peugeot-SA | 132.E 


PoclaJn 76.5) —Oft 

Radiotech .... 303 +1 

Redoute 940 —14 

Roussd-Ualaf— . 210ft —5 
Skis Rosslgnof ... 537 +9 

Telemech Elect. 730 —30 

Valeo .71 186 +4 


+4 . Bergen* Bank— 105 

_n k Borregaard 105 

Tt Cradltbank. 131 

42 


Spargoa ExpL-...l Oft 7 

Thom. Natwlda— 1,55 

_n a Tooth—. 2.88 

. UMALCoua 2ft2 

I’r Valient Con*-.... 0.12 


Bkem— 7 42fti Waltons- 0.65 

KPsmos.,;— . ’ 250 i Western Mining. 3.46 

. Norsk Hydro-.- 281 ?'2S 

l* 1 ".!™* — ‘“■‘H — SSSS3?S!ter: lit 


Stanley 340 

— oje stomo Marina ...i 199 
Talhel Dengyo....! 448 

—0.02 Talsai Corp— j 221 

— O.K Tblsho Pharm.... 617 
— Oftl Takeda—... .| 786 

+ 0JK2 TDK— 4,020 

— Oftl Teijin I 200 

Teikoku Oil,....— .1 927 
-^OJn Toklo Marina-....l 420 

+0.06 TBS - I 445 

— 0.00 Tokyo ElecLPwJ 823 

— O JJ Tokyo Gas .... 7 105 

+ 0J2 Tokye Sanyo 40B 

Tokyu Corp 213 

*SS Toshiba 317 

-nnw T °y° Seikan 599 

—OJU Toyota Motor-... 868 

Victor ;,...- [ s,‘»ao 

Wacoal 665 

Yamaha — 620 

-0.B3 YasudaHra 219 


Yokogawa Bdge^ 430 


Nthn. Talacom— 
Oakwood PeL.._. 
Pacific Copper- 
Pan. Can. Pet—. 
Patino—.—.—. 

Placer Dev— 

Power Corp— — 
Quebec Strgn_ 


[SPAIN 


SINGAPORE 


GERMANY 


SepL 24 


HONG KONG 


SepL 24 Price + or 
Dm. — 



AUSTRIA 


SepL 24 

Price 

% 

Creditanstalt — 

210 

Landerbank 

181 

Perimooier— . 

270 

Semperit 

124 

Steyr Daimler 
Veltscher Mag— 

140 

165 


BELGIUM /LUXEMBOlfilG 


SepL 24 Price + or 
Fra. — 


ARB ED - 

Banq lnt A Lux— 

Bekaert 8 

ClmentBIL— - 

Cocke rill 

EBES 

Elect robe I, 

Fabrique Nat—. 

G.B. Inno— 

GBL (Brux) — 

Gevaert — .... 

Hoboken 

Intercom.—. 

Kredlatbank 

Pan Hidgs— 
Petroflna,..-— . 
Royala Beige—. 
Soe. Gea-Banq- 
Soc Gen Beige— 

Soflna 

Soivay 

Traction Elect 
UCB. — 

YicllleMont 


AEG-Telef 

Allianz Vers. 

BASF 

BAYER 

Bayer- Hypo 

Bayer-Vereln 

BHF-Bank 

BMW- 

Brown Boveri 

Commerzbank-. 

Conti Gum ml 

Daimler Benz— 

Degussa 

Demag 

D'sche Babcock. 
Deutsche Bank-. 
DU Schultheisi— 
Dresdner Bank— 

GHH - 

Hapag Uoyd 

Hoechst- 

Hoesch — .— .. 

Holzmann fpj 

Horten 

Kali und sal* 

Karstadt 

Kaufhof. • 

KHD 

Kloeckner — 

Krupp 

Linde-. 

Lufthansa. — 

man - 

Marines man n 
Mercedes Hlg— 

Mcailgessell 

Muenoh Rueck-. 

Preuasag 

NNfcin West Elect 

Rosenthal-.,. „ 

Sobering 

Slemen..., 

Thyssen ... 

Varta..— 

Veba 

Vereln-We*U. J 
Volkswagen. 


Bco Bilbao 

Boo Central- 

Bco Exterior. 

Bco Hiapano 

Bco Santander... 

Bco Vizcaya 

Dragados 

HIdrola 

Iberduero— 

Petroleos 

Telefonica. ! 


SopL 24- 


Price + or 
H.K.& — 


Cheung Kong-.., 11.0 

Cosmo Prop~ 1.33 

Grose Harbour.... 10.6 
Hang Seng Bank- 64 

HK Electric 6.76 

HK Kowloon Whf 3J»S 


HK Land 6.5 


I HK Shanghal'BIU 9.86 
HK Telephone^ J 32.0 


SWEDEN 


SepL 24 


AGA^-— , 
Alfa-Laval— ._ 

ASEA (Free).-. 

Astra 

Attas Copco. - 

Bolldon 

Cellulasa 

Electrolux B— 
Ericsson —. 
Esulte(Frea)„ 



Hutchison Wpe... 
■Sardine Main__. 
New World Dev_ 
O'seas Trust Bk. 


SepL 24 

Price 

+ « 


« 


Boustead Bhd-... 

1.70 

*w 

Cold Storage - 

3.63 



DBS- 

7.80 

^OJ 

Fraser ft Neave... 

5.86 


Haw Par 

2.26 


Inch capo Bhd-... 

3ft 0 

+W 

Malay Ban king-. . 

5.80 

+0J 

Malay Brew— ..j 

4.36 


OCBO - 

7.80 

+ 0J 

Slme Darby 

1.85 

+ (M 

Straits Trading— 

4.72 

+ai 

DOB— ”... 

3.46 

+01 


CHANC 


I SHK Props-. -] 5.85 —0.15 1 


Swire Pac A. 

Wheel'K Mard A. 
WhealpokM’timel 
World InL HldgaJ 


11.2 -0.4 
4.70 — 0.0/ 
3.8 ... 


SepL 24 


Price ! +6/ 
i Rand | — 


JAPAN 


SepL 24 



SWlTZBlLAto 


SepL 94 


HOLLAND 


SepL 24 

Price + or 


Fie. - 


Aiusuisse 42K 

Brown Boveri — 860 

Oba-Oeigy 1.265) 

do (Part Certs) J lft5ffl 

Credit Suisse. F 1*5951- 

Elaktrowatt. 9,35W 

Fischer (Geo) — 4001 

Hoff4tooh«PtCte BlMgr 
Hoff-Roone 1/10 6fto0j 
Interfood 4:800] 


IJelmol) — ‘.ZJ 1/ 


Ahold- 

AKZO- — . 

ABN . 

AMEV 

AMRO - 

Bredaro Cert 

Bo* Kails West-.. 
Buhrmann-Tet... 

CalandHId s 

Elsevier NDU 


Landis & Ayr- J. 

Nestle .—..—j 

Oer-Buehria- ,.l 

Pirelli 


ISandoz fB)Z™ J 3,9 


Ennis — mi 

Euro Comm Tit-] 


Sendoz (Pt Cts)'- « 
SohindieriPtCts) 2* 
Swissair W 

Swiss Bank- S' 

Swiss Reinsco.... 6,2( 
Swiss Voiksbk-.. BT, 

Union Bank 8,71 

Winterthur....... 2 , 1 S 

Zurich Ins— l4ftC 


Ajinomoto ... 804 

Amada..— 460 

Asahl Glass- 455 

Bridgestone— 444 

Canon— 871 

Cltizan.,.._ 295 

ggW- - «W 

DKB- 434 

Dal Nippon Pfeg- 660 

Daiwa House 430 

Daiwa Seiko,..-. 410 
|}»ra- - 366 

Fanuc-- — 4,060 

Fuji Bank ..— boo 

Fuji Film- 1 450 

Fujisawa .... 1,430 

Green Cross—... 1,680 

Hasegawa- - 467 

Helwa Rea) Est^. 504 

Hitachi .1 632 

Hrtaohi KoH ....-I 666 

Honda 749 

Housefood 922 

Hoya.--. ... — - 755 

itch(0.- — 253' 

iton-Ham 342 

Itoh-Yolteda.— /j 993 

JACCS 378 

JAL-,„. .... 2,350 

/U1CO- 560 

Kajima, 324 

Kao Soap—.— 487 
Kashlyama— 690 
Klkkoman..— . 368 

kirHt — . -38a 

KoKuyo_.„,., 885 

Komatsu— 400 

Komatsu FllfL-. 326 
Konlshlreku..— ... 580 


2ft8i — o.B toercom .! 3ft l +0.1 

w AEftCI 8.1 J 

Anglo Am 16.7 i +0.) 

. Anglo Am Gold..., 105 | +1.C 

Anglo Am Prop-t 3.HO; 

Barlow Rand-..- 9.65 1 t-Oft 

Buffalo 1 52 j +0J 

Price + or CNA Invest 7.4 ] +0ft 

Yen — . Currie Finance...) 2.33 

De Beers i 6.76- — .... 

804 +4 Driafontein 33.0 [ 

460 —5 FSGeduld- I 47 .6 -IX 

456 +6 Gold Fields SA—.j 96ft5j . + 1ft 

444 +1 Highveld Steell-.! 5.16, ...— . 

871 —9 Kloof „.) 40.75 ....... 

296 -« Nftd bank- -I 7.08 +0 J) 

608 +1 OK Bazaars. » Mftl 

484 Protea Hidgs i 2.3 ! +0> 

650 Rembrandt ! 1B.0( 


5.15, 

0.75 — ... 


Rennies..— 5.0 , +0.i 

flustonburg 5ft 5! +0.H 

SaoeHWg 2ft I 

SA Brews S.17| +0.K- 

Tig or Oats. 25 t +0ft 

Tongaat Huiettf- 7ft +0.1 

Unlsoc ; 3.66 


Financial Rand US$0. 731 
(Diseoonf of 15%) 


BRAZIL 


SepL 94 


Price + « 
Cruz — 


Aoeslta. ! 1.13 -0^ 

Banoo BrasiL. : 13.00, 

Belgo MIlL.— .... 3,65’ -«.» 
Brahma PP...-_. 7.24. , 

LoJasAmer 7,00’ , 

Maupeemann OP l.BQ tO, » ) 

Petfobras PP 9 . 45 ! -LC 

Souza Cruz„ 10.0 ! -8,® 

Unlpar PB^— 7 . 1 ^ - 0 .W ; 


Vale RIoDooe— i 16.30 


490 -3 

326 —4 

580 —2 


Turnover Cr. 2759. 5m. - 

, Volume; 353.1m. 

SouKCi Rio de Janeiro SW- 


. «n this page w* as quoted on **»• 

individual axetangs# and ere last traded prices. S Dealings 


suspend* d. xd £* dividend, xs Be scrip Issue, nr- Es rights 
X* 6 l Oil. V 


\ .... 


v financial lines, ^Satnrtfe^'September ; ^ 19^2 : ^ - 

•—-»«« #5' • INTERNATIONAL COMPANIES AND FINANCE 


UNAUTHORISED DEALINGS IN SINGAPORE 


for Dai-Ichi Bank 


#Y RtCHAlQ> HAM90H IH 'TOKYO 


DAI-ICHX Kangyo Bank, Japan’s 
; largest bank, has discovered a- 
Y9,7bn ($37m) fwxI^ieairanBe 
toss run up by an executive of 
Ns Singapore branch in mlmoet 
four years of secret trading; ■ 
This Sis the largest- foreign 
exchange loss on. record fair, a;- 
Japanese bank. 1 - DKB said 
yesterday it wiB cover the loss 
with • the sale of. internal 
reserves of securities: 

The Incident, though extremely 
embarrassing, is not expected to 
hurt the bants profits this year. 

. The "loss , 'shaH ' “ in ' no way 
impede” international opera- 
-■ tSons. said the bank. . * 

The incident , dates back to the 
dollar crisis . of late-1978. when 
President Jimmy Carter shocked 


Shell Canada 
steps up Nova 
Scotia outlays 

By Nicholas. Hirst- to Toronto 


international exchange markets 
on November 1 with a strong 
package of measures to defend " 
•the U.S. currency. In October 
the yen had soared to a record 
YI7&S0 to’ the dollar. 

DliB’s Singapore foreign 
exchange chief r Mr H Kanda, 
speculated .that the yen would 
continue to strengthen despite 
the Carter measures. The yen, 
however, suffered a-, sharp set- 
back. Ur Kanda’s loss snow- 
balled as he tried ever almost 
four years to make It good with 
farther currency speculation. 

The bank explains -that Mr 
Kan da, who was dealing beyond . 
his authorised 'limits;- produced 
false daily reports of the 
branch's exchange position from 


then until Ms transfer back to 
the Tokyo headquarters this 

Himuflpr 

\ An investigation of 'tiHhSinga- 
pore branch’s low' profitability 
finally - revealed the extent of- 

-the losses, which continued to 
grow buried deeply in Hr 
Kanda’s books. 

In addition to Mr Kanda’s 
dismleal, past- Singapore branch 
managers have been penalised 
for failing to provide adequate - 
supervision. The directors of 
DKB, in a gesture of respon- 
sibility, have also decided to 
forego .an annual bonus this 
year. . ' . . ' 

DKB is the world’s ninth 
largest bank, with - assets of 
more than Y24^)00bn ($91bn) 


at March 81. Officials empha- 
sised that the scale of the loss 
—though large by any standards 
—poses no threat to its profit- 
ability. DKB made Y85.7bn- in 
pre-tax profits in the year ended 
MaTch and expects to equal that 
performance this year. ' The 
bank decided it best to write 
off -the entire loss in the half 
year ending September 30 as a 
“special loss,” and to make- a 
complete public disclosure. 

The Ministry of Finance said 
the incident was not a violation 
of Japanese law. The 1 authori- 
ties, however, are expected to 
question carefully whether 
DKB has lived up to Its responsi- 
bilities for prudent manage- 
ment. 


Sandvik plans more closures 


BY WILLIAM DUUFORCE, NORDIC EDITOR, IN STOCKHOLM 


SHELL CANADA RESOURCES, . 
a subsidiary of /the Royal Dutch 
group and operator of a consor- 
tium including the Government- 
owned Peteo-Canada, is Increas- 
ing its exploration programme 
in the hostile waters of Nova 
Scotia. 

Shell has agreed with the 
province of Nova. Scotia and the 
Canadian Federal Government 
to drill nine new wells - in 
addition to the six announced, 
earlier this year. The cohsortiinh 
will spend an estimated C$551m 
(U.S.$452m) to bring the total 
programme to a cost of C$814m. 

Under the agreanent the 
drilling must be completed 
within three yearn; but there 
can be'an extension of a further 
12 months on two blocks. 

Mr Gean Chretien, .the 
recently - appointed Federal 
Energy Minister, said that he 
expected new drilling agree- 
ments in the area to be 
announced shortly. Currently 
about c$2bn Is- committed to 
exploration in the offshore 
waters. 

The interest in drilling off 
Nova Scotia, primarily thought 
to be a natural gas region; 
contrasts with the equally 
promising but environmentally 
more difficult offshore New- 
foundland area. The federal and 
Newfoundland governments me 
in dispute over who has rights 
over die acreage. 


SAND VUC, the cemented- car- 
bide and steei group, is dosing 
three plants and laying off some 
1,000 workers In its - home 
country, Sweden. 

Orders booked have been 
inadequate- since April and May 
and- last month Sandvik dis- 
closed a SKr 111 m dump to 
SKr ~103m ($16.6m) in first-half 
earnings. . • 

\.-A 10-year record of steady 
profit growth was broken last 
year when earnings tumbled to 
SKr 519m from SKr 746m in 
1980. In the bait-year report 
‘ last month, ’Sandvik stated that 
two subsidiaries, the Disston 
Company in the U.5. and Euro- 
hingstene in France, would be 
dosed down or sold if tfaey did 


not achieve 
economic results 1 
of 1983. 


“ acceptable 
'by -the end 


The management plans to 
reduce the wotfc force at Euro- 
tungsten e by 500. In the XJB. 
some 600 employees have 
already been • dismissed and 
rationalisation 'is continuSng. 
Oyer a period of mare than two 
years Sandrik’s labour force in 
Britain has been cut by about 
900. 

Mr Lennart Ollen, the manag- 
ing director, said in harsher 
business conditions Sandjrik had 
to he more effective. But reduc- 
tions in staff< should not be 
taken as a sign that the company 
was In crisis.- ' 


The- cemented carbide busi- 
ness. which generated earnings 
of SKr 546m last year and con- 
tributed over half of group sales 
of SKr SJfbn, is expected to 
turn In “slightly lower” profits 
this year. The main problems, 
however, tie in the steel pro- 
ducts and in the tools division. 

Some 90 per cent of Sandrik’s 
sales take place outside Sweden. 
The personnel reductions 
announced this week are the 
first to be effected in Sweden 
since 1957. Thev affect 600 of 
the 7,000 employees at Sandvik 
itself and the staff of a file 
manufacturing factory in Eskils- 
tuna, a saw blade works at 
Sveg and a cemented carbide 
plant at Tierp. 


Strong growth at Faber Merlin 


BY WONG SULONG IN KUALA LUMPUR. 


FABER MERLIN, the Malaysian 
hotel and property group, has 
reported a sharp rise in pre-tax : 
profits for the year ended June 
to 14.6m ringgit (US$6.2m) from 
6.2m ringgit. Turnover rose by 
64 per cent to 82m ringgit 
' Profit attributable to share- 
holders rose to ,8.8m ringgit 
from. 8.2m ringgit because of a 
lower tax charge. . 

, The bulk of the earnings . 
came from the hotel division. 


which enjoyed -a buoyant year. 
Its 14 hotels, with a total of 
3,000 . .rooms, had . occupancy 
rates exceeding 70 per cent. 

Earnings were also boosted 
by the sale of a piece of land- 
in Johore state to Supreme 
Corporation for 13.5m ringgit, 
from which a profit of 7m ring-' 
git was obtained. - 

Final dividend is 4 cents a 
share making 7.5 cents for the 
year on the enlarged capital of 


131m ringgit compared with 6 
cents on the old capital of 87m 
ringgit. 

The group is confident of 
maintaining its profit for the 
current year despite the Malayn- 
sian recession, as its hotels con- 
tinue to enjoy good occupancy 
rates because of the shortage of 
hotels in Malaysia and income 
from property development 
would also be forthcoming. 


Steady 
first half 
for Swire 
Pacific 

By Robert Cottndt In Hong Kong 

SWIRE PACIFIC, the diversified 1 
Hong Kong trading company 
whose subsidiaries- include 
Swire Properties and Cathay 
Pacific Airways, reports near- 
static interim- profits. After tax 
and minority interests, profits of 
HKS200.9m (US$32. 8m) for the 
six months e nded June, 1982. 
compare with' BK$194m. 

There were no extraordinary 
items. The dividend is main- 
tained, at 24 cents per “A” 
share and 4.8 cents per “®.” 
share. 

Mr Duncan Block, chairman, 
says .the current half perfor- 
mance will be better than the 
first, but profits for the whole 
year will still fail short of the 
.HR $728m after- tax seen in 
1981. The total - dividend how- 
ever, is expected to at least 
equal the 76 .cents a share paid 
last year on the “A”, shares, 
and 15.2 cents on the “B" 
shares. 

Mr Rluck says the main 
feature of the half-year has 
been the diminished— though 
still dominant— contribution 
Erom the property division, bat 
with other operations making 
up the shortfall. Swore 
Properties recently reported 
interim profits for the period 
of HK$176.9m after tax and 
minorities, down from 
HKSjSOfim. 

Cathay Pacific achieved a 24 
per cent capacity increase over 
first-half 1981, but competition 
and. exchange rates kept 
profttalwJpdty below forecast 
levels. Hongkong Aircraft 
Engineering Company profits 
were up on first-half 1981, but 
a quarter lower than second-half 
198L 

Demand for new property in 
TaikoosWng, where 468 units 
were Bold in the half-year, ip 
expected to increase with the 
completion of ' the Mass Transit 
rail link towards the end of 
next year. Investment proper- 
ties in Hong Kong are virtually 
fully let Swire Properties’ 
fuBl-year profits are likefly tn 
show a decline. 

Coco-Cola Bottling showed 
appreciable profit increases. A 
new trading division, compris- 
ing Swire and Maclaine, and a 
half-interest in Swire Loxley, 
had a quiet .first half, and Its 
full-year results are likely to 
be depressed. 


Rhone-Poulenc reduces 
losses at halfway stage 


BY DAYK) WHITE W PARIS 

THE FIRST results for 
France’s Rhone - Poulenc 
chemical group since 
nationalisation show a return to 
profit in the first half of this 
year. 

However, the earnings 
figure of FFr 355m (570m), 
which follows annual losses in 
1980 and 1981, reflects gains 
from the sale of the 20 per cent 
stake in M orton-N orwi ch of the 
U.S. 

This disposal, provoked by the 
U.S. company’s decision to sell 
its pharmaceuticals division to 
Procter and Gamble, brought in 
the bulk of FFr 407m worth of 
exceptional gains. 

Operating results remained in 


deficit, but the loss was down 
sharply to FFr 52m, compared 
with FFr 281m in the same 
period last year. The company 
said that if it had maintained 
its previous accounting method 
for operations denominated in 
foreign currencies, operating re- 
sults would have passed the 
breakeven point. 

Charges relating to the 
group’s restructuring pro- 
gramme; which principally 
involves cuts in its loss-making 
textiles division, were met by 
drawing on provisions that had 
already been set aside, the com- 
pany said. 

Under the chairmanship of 
M Jean Gan do is. who stayed on 


More aid for Hoogovens 


BY WALTER ELJJS M AMSTERDAM 


THE OUTGOING Dutch govern- 
ment of Mr Dries Van Agt has 
agreed in principle to grant 
further financial rid to 
Hoogovens, the Netherlands’ 
largest steelmaker. No amount 
was mentioned by the govern- 
ment, but Hoogovens an- 
nounced in June that it would 
require FI lbn to enable it to 
carry out a three-year re- 
structuring programme worth 
FI 3.2bn ($L2bn). 

Aid on this scale would have 
to be cleared by the European 
Commission m Brussels, which 
Is seeking to prevent member 
states from giving their national 
steelmakers unfair production 
subsidies. The money, if en- 
dorsed by Brussels, would have 
to be used to purchase new 


plant and equipment and could i 
□ot legally be employed to boost 
Che competitiveness of Dutch 
steel. 

In Jiriy of this year, 
Hoogovens and Hoesch Werke 
of West Germany announced 
the terms of their long-disputed 
de-merger. As Estel, the two 
steelmakers ran up losses of 
FI 893m last year and debt of 
Fl 1.53m — FI 946m at Hoesch 
and -FT 570m at Hoogovens. 

The two concerns remain in 
dispute over the allocation of 
their joint EEC steel production 
quota. Hoogovens claims that 
the 3SO.OOO tonnes of steel in 
question must reside with it as 
the original producer, it argues 
that Hoesch transformed the 
Dntcfa steel Into semi-finished 
products. 


SHK Properties lifts dividend 

BY OUR HONG KONG CORRESPONDS*! . 


SUN. HUNG KAI Properties 
reports profits for the year to 
June 30 of HK$ 717.4m 
after tax, minorities and extra- 
ordinary items, against the 
previous, year’s HK$ 917.2m. 

Net earnings before extra- 
ordinary items were slightly up 
at HK$ 671.2m from HK8 
629.4m, but extraordinary gains 
fell sharply from HKS 287.9m 
to HK$ 462m. 

The final dividend of 40 cents 
makes 64 cents a share for the 


year, a 25 per cent increase 
adjusted for the intervening ! 
one-for-four scrip issue. But 
while basic ear nings per share 
were ahead at HKJ 1.33 from 
HK5 L29, diluting for the inter- 
veiling issue of convertible 
preference stnres reduces earn* 
ings for the neriod under 
review to HK51.24. 

MR T. S. KWOK, chairman, says 
earnings in the current year 
may show a decline, but should 
nonetheless be M satisfactory.” 


in the job until July this year, 
the group had already cut its 
net loss to FFr 335m last year 
after a gaping deficit of 
FFr 1.9bn In 1980. 

Turnover In the first six 
months was lBfi per cent, up 
du the same 1991 period at 
FFr 20fibn. 

Rhone - Poulenc has been 
selected to play a major role 
in the Government's efforts to 
restructure France's chemical 
industry, but the group has 
been plagued by chrcrnc diffi- 
culties in the chemical and 
textile sectors. 

The company has announced 
a plan to restructure its opera- 
tions in an effort to trim costs. 


Belgian metals 
group in loss 

By Our Financial Staff 

ROYALE Asturlenne des Mines, 
the Belgian metals and mining 
group, is calling a special share- 
holders' meeting following 
accumulated losses equivalent to 
half its share capital. 

A provisional 19S2 first-half 
loss of BFr 5S4m (Slim) brings 
accumulated losses net of 
reserves to the equivalent of 
half of the group’s nominal 
capital of BFr l.2bn, the com- 
pany said in a statement. 

As a result, Asturienne said 
it was ending discussions with 
Societe de la Vieille-Montagne, 
another non-ferrous metals 
manufacturer, about a possible 
merger. 

A restructuring plan is under 
study following the latest losses. 
The holding company Societe 
Generale de Belgique, which 
has interests In both Asturienne 
and Veile-Montagne was under- 
stood to be seeking the merger 
in order to consolidate its 
metals interests. 

Asturienne's half-year losses 
compare with profits of 
BFr 138.7m in 198L 


without tax. 

LG. Index Limited, Jjfw 
9-11 GrasvenarGdreL,*~55< 
LondanSWfWOBD. fiS-g-S 
Telephone: 01-328 5699r'™2 



CoDimiBs aid Market* 


COMMODITIES AND AGRICULTURE 


Coffee moves ahead 
after pact decision 


I COFFEE 

■ A London 
last - afl 2nd Position I 
11 1 Futures I 


BY OUR GOMMODmB STAFF 

WORLD coffee prices rose ever, slightly 
strongly this week. on the news, .highs at £1,30! 
that the deliberations of the bn last Friday 
International Coffee Organise- level since .hi 
tion (ICO) had ended positively A substantb 
with decisions on Wednesday nearby positic 
evening to both extend the cur- ' November, o- 
rent agreement until September . subsequent n 
1983 and to start from then a shortage of 
new six year pact ' supplies. 

Late yesterday the.lCO couto- The week a 
dl was still meeting to resolve tone in the v 
the final technical details of the sugar accord 
1982 /88-global export quota and traders C. Cs 
the division of the lxn bags -(of market , repoi 
60 kilos each) . released, last, dailv price si 
week when the .Organisations . rising off its 
average price rose above 120 last Friday to 
cents per lb. £88 per tonne 

The price rise was sufficiently -Persistent 
strong to see the November post- Russia was at* 
tion on the London futures' mar- clearly help 
ket break through the £1,400 per . sentiment, 
tonne level during trading yes- - On the Land 
terday. November closed, how- yesterday th 

WEEKLY PRICE CHANGES 

' “ ! Latest ' Z 

- pricai Oh nge Vtar 
per tonne on *«o. 
union wen* 
stated 


ever, slightly down on the days 
.highs at £1,395 per tonne, up £56 
bn last Friday and at the highest 
level since July 16,1980. 

A substantial premium for the 
nearby position, September and 
November, over- January and 
subsequent month* reflects- a 
shortage of readily available 
supplies. 

The week ww an "improved 
tone in the wo rid market” for 
sugar according tb London 
traders C. Csaraikow in their 
market , report The London 
dailv price surprised some -by 
rising off its low £83 level of 
last Friday to end the week at 
£88 per tonne for raws. 

-Persistent rumours that 
Russia was about to start buying 
clearly helped to Improve 
sentiment 

On the London futures market 
yesterday . the active March 


BASE METALS 

Amalgamated Maul Trading reported 
that In ten morning eaah Higher Grade 
traded at £827.00. 26 JO. three months 
£843.00. 42.00. 41-50. 41.00, 41.50, 

41.00, 40-50. 41.00, 40.50, 41.00. 42.00. 
42.50. 42.00, 4130. Kerb: Higher Grade: 
Three month! £841-50. Af terno on; 
Higher Grade: Three months £838.00, 

38.00. 3S.0O, 38.00. 35.50. 36.00. 35.60. 

38.00. 3&50. 39.00. 38.50, 39.00. Kerb: 
Higher Grade: Three months £838.50, 

839.00. 39.50. 40.00. 40-50. 41.00, 40.50, 

40.00. Turnover: 30,800 tonnes. 

aim. f+ oi\~ Pnt. '+or 
COPPER | Official — [Unofficial — t 

WghOrda £ & B £ 

Cash 988-7 p-11 BS3.5-4.3 |-12Ji 

3 month! 841-J5 -12JL B3A5-9 ^14 

settlomt 827 — It J - 

Cathodea | I I 


High' I low 


METALS 

Aluminium-., i. •.«— — 

pro* Markets o-Lf — 

antimony- — — — 

Fro* Market 99.6£ 

CopperCash High Grade—.-— 

3 month! Do. Do. ...... .... 

Cash Cathodes ...... 

3 months Do. -n- — - — 

CoW per oh—- 

Lead Ouh S — 

3 montha | : — —~ 

Ntalui 

Fr** Markets oJJ. lb——.- .. 
Platinum per ox, ll imaae^e ipeeae MeiaJl 
. Free Market per ox.—..—.. 

Qutektirvertffl !beh.._ 

Nhmr per or — 

3 months per or. — .... 

Tin oath — : — — ■ 

» month* — 

Tungsten ind.— ~-;- 

wolfram taajw u*J— — 

21 rw oath—. 

« month*— 

' Producers 

GRAINS 

Barley Future*—. 

Maize French - 


eaio/eiB — - 
„ JB30/P6Q —30 

^llBBOffiOOB - 
£824 .“5J 

... £838.78 -9A 
<706.5 -4.9 

... £818.76 U5.7S 
_ 3488 -13.B 

.. £296.26 —4.26 
_ £30 7. AS —4.126 

„ £408 Z. 6 - 

... I«0i220cl+B 

- £280 - 
J C182J6 |-Gi 

... 33M;374j— 1 
_ 53 1. 60p 1—3,85 
.. S33.60P -4.0 
„ B7JI8S +5 
.. £7.207^ +6 
.. 2109,83 — 

.. 298/102 -1 
.. *440 +4.6 

.. £447.5 +4.75 

.. WOO/860 - 


£810181 8X810/811 
11160/180 jlllSO/U 


i|£8ia/Bis 

munaao 


22700/775 12245*/ 150 WOBUOSO 
£980 £903 76 . £711.7 6 

£943 J86 UG871 8883.0 

£975.75 £a98jS S706.S 
2446.6 W4M, 

£400.5 |£366A . ^82 
M11A E77^B £3M.B 
£4. 100 JS [£4080 [837575.7 


260/2804 

mm 

£237.70 

2426(430 
534.7Bp 
654.4® p 
£8,386 
£8.352.5 
2X46JS6 
2144/148 
£S01.1 
£519.6 
21JJOO 


befi^SScU88018p 

1*883,00 1*141,16 

2416A20«360/36Q 
IBp «B6.10p 
,38p B94,00p 


1106 
898/102 
£43Q.5_ 

3,8 


— £108.10 
- £127.50 jc 138.00 [CZ31.50 


WHRATFutur*fc.«.-- 

Hard Winter Wheat. 
2F1QCB 

Otovwa^.^—— 
Pepper, white—— 


■ L £H6.S6w +M 


£B,8B00 - 

:jz nSSSu ~ 

‘ fl^40u — 


OILR -.. lr — ,, 

Coconut (PhUippme*) —... 

Groundnut 

L> naeed. Crude.— .... 
Prim Matayan— - — 

aPirp f 

Copra (Philippine*) 

Soyabean* {&*.) — 

OTHER OOMMQOfTlCS 
Cocoa Shipment* { — 
Cocoa Futures Dec. 

Coffee Futures Hov.^. 

Cotton Index — - 

Dee. Coconut. — 

Ufea OH FuL OoL ri >w«Mi*ust 
Jute U ABW Cgrad* 
Rubber Wto*— , 

Sega Peert 

Steal Ns. 3L — 

Su»hr .. «.». 

TOpioo* MOvJ.— 

Tea kmSW kUo.— , — .... 

(pialWWte 

Woottep*. 64« 


8430U ^10 

8600v -40 

7- £380 - 

SS7Bt -12.5 


005 \~S 

2227.75 1-10 


£111,00 £134.40 £107 AO 
-t £118.76 £116.00 

£6^00 £6,800 £6,400 

21,976 SZ.000 1*1,650 

#1,426 *1,475 *1/140 

2630 *660 *3*2.6 

■i , *7i6 *599 

£480 £430 E|S3 

2507,5 1646 *376 


£993 -86 

... £982.5 -*6 

' ^ £1,395 +66 

72.0S« -1.05 

£440 . -30 

77 *3X0 nr 1.8 . 
£240u — 

*7j»p -^OA" 


£1,319 191,276 


£88vt +6 

£250u — 

lS7p . +2 

7Sp — 

7- 372p Mkn - 


£850 - 9540 
830X25 *323 
£253 C27Q 
'64p . 60L78P 

£232 C250 

2880 *640/6 

£173. 9177 

£228 9848 

- 125p 137p 

* BOp 

398p ktlo^OSp K 


esius 


Shm « 


Unquoted. • (a) Medegaecer. l*> Opteber. 
(v) Septenibar.tetaber. (u) Octabar-Novembef. 


ft) Nsvember. (w) Jenaeiy. 
- • Nominal. S Ghana com. 


position closed at £112.475 per 
tonne up £4.525 on the week. ' 
Base metal prices . were 
generally depressed across the 
week along with g*£d. Bullion 
dosed. ‘yesterday at its lows, 
at 3428 per troy ounce, down 
I1&.5 on last Friday. 

Confirming this trend was the 
announcement yesterday by 
Asarco of a 1 cent cut in its 
copper price, f rilowlng a J cent 
cut earlier in the week, and a 
i cent cut in its lead producer 
price, Asarco is now selling 
copper at 67 cents per pound 
and lead at 24.5 cents per 
pound. . „ 

Itie copper price fall followed 
heavy selling early in the week 
which pushed three months 
down through the £850 per 
tonne chart point in London 
oh Monday. , 

Zinc was the one exception 
to the falling trend of base 
metals ending the week up £4.50 
with producer price rises being 
announced yesterday by Hudson 
Bay Mining of 2 rent per 
pound in the U.S, and up to 
$850 per tonne, from ¥800. for 
outside of North America. 

. Producer - inspired support 
buying was the main reason 
given by traders for this against 
the trend move by zinc. 

Tin, which began the week 
with a rally caused by the 
International Tin CounriTs 
buffer, stock managers’ support 
buying, was unable to hold the 
higher price it reached bn 
Monday of £7,880 per tonne and 
dosed slightly down on last 
week at £7,260.50, 

r INDICES 

FINANCIAL -WES 

SejOi jteptBg’ih agofyerago 

a30.fil lagB.47 231.00 1 259-08 
(BUM Jalr I UB2 - 100) 

REUTERS 

aeptl 24}8ai>t. ^wai aflofyuaflo 
1516 J J1B1B.8 IBM.lj 1674,3 
(daw September IS «S1- «0} 
MOODY'S 

a«pt. ttjsapt. agwui agoiVWabb 
999,9 j 989.3 I 1014J 1 1018,1 
(Deeanber 31 US1 - WO) 

DOW JONES 

Dow ' 4 -east. 8*«. Month Ye*r 
Jonaa « aa ago ago 

Spot 127.571196 J94 188,76) - 
Futrs 133.01 13X37 132331 — 
(Beat: Oemnber 31 1ST* - WO) 


Tin— Morning: Standard, cash C7JQ0, 
34. 35. thraa months C7.190, 80. 7.200. 
7,190.. 7JOO. 7.195. 7.200. Kerb: 
Standard: Three months £7.205. After- 
noon: Standard: Three montha £7200. 
Kerb: Higher Grade: Three months 
£7210, 20, Turnover : 2,010 tonne*. 

rim. +or pjn. l+or 
TIN Official — l Unoinolalj —j 

High Grade £ £ i. 8 8 

Dash 7240-50 +2£ 7855-66 +393 

3 month* 7210-25 , ...... 7215-20 +SE 

Settlam’t 7850 +5 f — 


SILVER 


Cnt...J 7236-40'— « 7880-60 +32-5 
3 months, 7800-6 - — 7805-10 +B 

Settle m-ti 7244 I— 5 - — — — 

Strait* EJ koJI — 

NewYorlc — I — — 

Lead — Morning: Cash £288.75, three 
month* £309.00, 09-50. 09.25 Kerb: 
Three months £309.50. Afternoon: 
Cash £296.25. three montha £306.00. 
07.50. 07.00, 06.00. 05.00. 06.50, 06.00. 
08.90. 07.00. 07.50. Kerb; Three 
months £30730. 07.00. 07.50. Turn- 
over; 10,300 tonnes. 

j ajn. t+or L p-m. j+or 

LEAD I Official j — jUnofflolaJl — t 

4 £ \ £~i £ £ 

Cash.. 888.6-.75 -2.1B| . 296^6 1-4^5 

5montils309.5-.75-1.8J 307^5 -4J7 

setatm*sj 898.to WLJS 

UA SpOV - I ‘3B41 

Zb»— Morning: Three months 

£445.00. 47.50. Kerb; Three months 
£447.50. Afternoon: Three montha 
£446.00, 45^0. 46.00, 47.00. Kerb: 
Three months £448.00, 47.00, 48.00. 
49.00, 50.00. 49.50. Turnover, 9,850 

tonnes. 

j turn. + or p.m. +or 
ZINC Official ! — [Unofficial! — t 


ZINC Official : — junoffiairii — t 
I £ : £ I £ I £ 

.cash 1 439-41 +A :439A4U-J6 

3 months 447-JS +1 j 447-8 

SBttlem't 441 4-1 ! 

Prlmw^ts , - 3740.5 I — 

AJumlnUim— Momina: Three montha 
£587.00, 67.50. 67.00. 87.50. 67.00, 
B&60, 68.00. Kerb: £668.00. 66.5a 

85.00, 64.50, 64.00, 63.50,' 83.00. 

Afternoon: Three month* £583.00, 

62.00. 61.00. 60X0, 61-00, 62.00. 61.00. 
6a 50. 61.00. G2JM, 63.00. B4.0O, 66.00, 
66iX>. Kerb: Three month* £957.00, 

68.00, 6900. 68 DO, 66-SC. 67.00. 67.50,- 

88.00. 69.00, 68£Q. 69.00. 69fo. Tum- 
even 33,675 tonnex. 

T j i ! p 

Altmrtnm 1 ajn. j+ or l.. P£i- J+or 

i Official | — lUfloftidaf t 
! £ : £ i £ "ll - 

? «L 549-51 -X8J 660-1 L-fiJ 

month*, 666-7 ( -HU| 686-7 UjS 

Nick el M orning: Three . month* 
£2,490. 75, 78, 70. Kerb: Three months 
EL 475. 80. 85. 00. Afternoon: Three 
memhB £2.40. 55. 60.. Kerb: Cash 
£2.4*5, 60. three 'months '£Z488. Turn- 
over: 578 tonne*. 

NICKEL j ajTL ffor! P-m. ifor 
| Offldri ! — ;UnofftepLl! -t 


Spot 2440-6 -JS 1 2430-60 1-70 

3month*j 2466-70 -25 ! 2460-70 


Silver was fhcad 2.15p an ounce 
higher lor spot delivery in the London 
bullion market yesterday at 521-Bp. 
U.S. cant equivalents ol the fixing 
levels wore: spot 891.1c, up 2.1c; 
three-month 914.2c, up 2.0D: six-month 
939.9c, up 1.8c; end 12-month 995.9c, 
up 1.2c. The metal opened at 523-526p 
[893-8S8C) and closed at 515-filBp 
(880-8850). 

SILVER Bullion + or! L.M.E. + or 
• per | fixing. . — I p.m. — 
troy oz. price j Unofflo'l 

Spot ^,^5 81. BOp +21 m B16.5P -8 
3 monthsJS33.60p . -f 1B05a8JJ5p -0 
6 montha.i545 JOOp +TO - 

iamonths!fl 7 2^0p +}Wi — 

UMB— ' Turnover 68 (170) lots of 

10,000 oza. Morning: Three months 

534.5. 34.0, 34.2. 34.5, 34.G Kerb: 

534.0. Afternoon: Three montha 529.0. 

29.5, 29.0, 28. 5, .29.0. 28.5. 2 8.0. 27.5. 

28.0. Kerb: Three mocithm .830.0. 

COCOA 

~ jYoetofdayte] ~~~\ 

COOOA dose + or .Business 

)— — — — . Done 

BB per tonne! { 

Sap t. 052-55 i-l.O 962-55 

Dec 982-83 — 988-BO 

March... 1016-17 +8.6 1020-12 

May— 1035-36 +8,0 1037-32 

July: 1063-54 +2,5 1054-50 

Sept 1071.74 +2.5 1073-70 

Deo 1091- 92 + 2. 8 [1090 

Sales: 1315 (lj!50) 'lots of 10 
tonnss. 

ICC(V— OtriTy price tor Sept 23: 75.71 . 
(75*75). Indicator price /or . Sepr '24: 
78-86 (77.47). 


COFFEE 


COFFEE 


feetiday'sl ■ + OH Business 
Close I — Dona 


Sept. 1522-30 +43.5 1560.9S 

NOV. 1394-96 +17.6 140643 

January .j. 1286-60 +1BJ3 1S78-GO 

March 1198-99 +10.5 1213-94 

May 1142-44 +7.0 115ri35 

July._ 1103-08 +US 1120-99 

Sept. 1077-7B - 1096-75 


Sales: 5.509 (2,518) lots of 5 tonnes. 
ICO Indicator prices for Sept 23: 
(U.S. cents per pound): Comp daily 
1979 124.06 (124.03); 16-day average 
121.58 (121.22). 


GRAINS 


(Yestard’ye +or Yest’rd’ys. +of 
Moth close — Close I — 


NnfJ 111.85 +°,™ 107.78 +0J» 
Jan ... 115.65 l +0.*0l 111.50 I+O.IO 
Mar J 118.65 I+0J2B; 114.60 1+0 2i 
May J 121.65 1 + 028 117.60 +OJJ1 
Jub-| 124.65 |-0.»j _ . j _ 

HGCA— Location si ex-lsrm ' spot 
prices. Other miffing wheat: & MhJs. 
114.00. Feed barley: N: East 100.30, 
Scotland 99.50. The UK monetary 
coefficient tor the week beginning 
Monday, September 30, Is espectad to 
remain unchanged. 

Business done— Wheat: Nov 11.85- 
111 JO. Jan 115.65-115.30. March 118-65- 
118.20, May 121. 50-121 .2E July 124 JO- 
124. 10. Sales: 409 lota of 100 tonnBS. 


LONDON OIL 
SPOT PRICES 


I Latest H-or- 
CRUDE OIL-FOB (8 per barrel) 

Arabian UphL...— ... 33.50 + 0JUS 

Iranian Ugrrt...- — “ , ~ c 

Arabian Heavy ...™ .. 31.00 + 0.26 

(taffiba ITOrtie*^ +0.30 

AfrioanCBonny Li'htfeS.OO^Bjsl+O.ia 


PRODUCTS— North Wnt Europe 

. CIF (B per tonne) 

Premium gasallnB.^1361-389 1 — 

6asoU J? 03-3 13 1 +0.6 

Hoavy t waloJU. .] 166- 172 [ +2.5 


Barley: Nov 107.75-107.65, Jan 111. so- 
il 1.35. March - 114.80-114 30. May 
117^0-117.30. Sales: 191 low of 10D 
tonnes. 

LONDON GRAINS — Wheat: U.S. Dart: 
Northern Spring No. 1 14 per cant Oct 
111.75, Nov 114, Dec 115.25 tranship- 
ment East Coast tellers. English Feed 
lob Nov 116 paid South Coast, Nov 
116 paid East Coast. Jan-March 120 
paid Bristol Channel. Malta: S. African 
White/Yellow Sept-Oci 86 seller. 
Barley: English Feed fob Oct 10825. 
Oct-Dac 111 Esat Coen sellers. Rest 
unquoted. 


POTATOES 


Yeaterd'yl Previous I Business 
i 1 close 1 close Done 


close I clos e 
£ per tonne 


No, 1 lYosterd 
RJBJB. 1 dose 


AMERICAN MARKETS 


H.2{LKJt 

B4.10-SC.U 

74.7D-74.20 

U.0O-O4JM 


NOV. I 

Feb ! 

April..... 
May*... 
Nov 


Turnover: 118 (202) lots of 40 
tonnes. 

RUBBER 

The London physical market opened 
aasiar, attracted, little interest through- 
out the day, dosed quiet. Lewis and 
Peat recorded an October fob price tor 
No. 1 RSS in Kuala Lumpur of 199.25 
(200.75} cents a kg and SMR 20 170.5 
P71 .0). 


Previous .Business . 
dose Done % 


Oct ‘47.TM7.M : <7.40-47.50 '47.00 • 

Nov 48.05-48 .00 48JMD.70 W.00-4S.4B 

Oot-D eo «6.51U9 .50 4B.4D48J0 4SJHK7.88 
Jan-Mar 61.B0-&2JM) fi 1.60-5 1.90 5ZJO-61.8S 
Apl-Jne S4JB0-64.m 54.SU-M.® 65.00-54.5fl 
Jly-Sspt B7 JB-57.B0 >7^047X0 57^0-87.10 
Oct-DeoBO.DO-M.IO B0.W-G0.10 60.10-88.00 
JerrMoh 0LE8-82.ED B2.40-S2.Hi 82.HJ 
ApUne BSJ0-6B.10 |«4X0 j5j0 ■ — 

Seise: 264 (380) lota oi 15 tonnes; 
65 (70) iota of 5 tonnes. 

Physical dosing price (buyers) 

were: Spot 47.50p J47.75p): Nov 5125p 
(SI.DOp): Dec 51.75p. 

SUGAR 

LCHUDON DAILY PRIC8— flaw sugar 
£88.00 (same) a tonne dl Sept-Oct- 
Nov shipment. White sugar daily price 
£111.00 (£112.00). 


No. 4 Yesterday PravlouB Business 
Con- dose dose done 
tract . 

£ pertonhe 

Oot. 'S6.S0-SG.4B . SB.BD-95JB 98^5-64 JO 

Jan 97.76- 101JW 97JW-1Q1JO - 

March . 112.4HL56. 110.76- 11 J 0 112.75- 10.60 

May I1BJM-W.15 I16J0-16J5;T1SJ3-14J& 

Aug 110.16-20 Jh UBJ0-19.75ll20J0-iS.48 

OCt l24Ja-2fi.D0 i24Ja-24J0ir-jJ>-<>48 

Deo 1SB.7a-19J0| |lS9,75^7J0 

Sales; 2.358 (2.148) lots, of 50 
tonnes. 

Tats and Lyle delivery price lor 
granulated beat* while sugar was 
£405.90 {same) e tonne for ho..:e 
trade and £182.00 (same) lor export. 

International Sugar Agreement (U.S. 
cante par tonne) lob end. stowed 
Cerribenn porta. Prices for Sept 23: 
Daily price 5.95 (5.81); 15-day average 
5.78 (S.SO). 


GAS OIL FUTURES 

.YMt'cSETii^or, unslnees 
* onul I iuqm I — uone 


Sept. i 306-50 U0J58W.6D4ffi.76 

Oct— 530.00 Ul. 60,311.00-0175 

Nov 514.78 I— 8 JB'816.25-14,75 

Dec.— 31100 -lJ0'i18.l»-17.re 

Jarw.._. 318J70 -1J0S1SJIH7J0. 

Fori. 317.25 +-lJ6ii 19.00- 17 J6 . 

March..—. 314 JW - pi4JM 

April 508.75 +QJ6 — 

May ^ 506 JO +1 JW| — 

After opening * shade weaker on 
the. strength oi the dollar,, prices 
barely moved until light profit-taking 
end m easier New York produced a 
weaker tone, reports Premier Man. 

Turnover. 1,519 (3,645) lota of 100 
tonnes. 


NEW YORK, September 34. 
Copper — Sept 61. 10-61 JO IB1.S0). 
Oct 61.15 (81.55). Nov 61.85. Dae 
62.40-63.70. Jan 63.10, March 64.15- 

64.30, May 65.30-65.40, July 56.55, 
Sept ■ 57.70, Dec 60.50, Jan 70.05, 
March 71-20, May 72.35. July 73J5Q. 

Pot at oes (round whiles) — Nov 62.6- 

63.0. (63.5), Feb 60.6-62.0 (62.5). March 

70.6. April B3.0. Sales: 63. 

ISIhrer — Sept 865.0 (903.5). Oct 

865.5 (S04.5). Nov B72.0, Dec 8760- 

881.0, Jan 886.0. March 900.0-906.0. 
May SIS. 5, July 996.0. Sept 952.5, Due 
977 2. Jan 965.6. March 1002.1. May- 

1018.6. July -1035:1.* Handy and Har.Tan 
bullion spot: 889.00 {809.50}-.- 

Sugar— No. 11: Oct 8.33-8.35 16.35), 
Jan 6.86-6.92 (6.95), March 7.42-7.45, 
May 7.74-7.75. July 7.99-8.03. Sept 

8.30. Oct 8.40-8.45. 

Tin— 668.00-571.00 (same). 

CHICAGO. September 24. 
Lard — Chicago loose 21-25 I2D2S). 
Live Cattle— Oct 60.52-60.30 (60.16). 
Dec 62.10-pi .65 (51.40). Fab B085- 

81.00. April G0J97-60.9O. June 61.85- 
62.10. Aug. 60.60. 

Live Hogs— Oct 62 75-62.66 (61.27). 
Dec 61.62 (60.32), Fab 59.SS, April 
66.05. June 55.67, July 54.40, Aug 
52.50. ■ -. • - 

ttMatae— Pec Z&t-ZlS 3 , (22). Marti 
241*1-2414. (23Jft). May . 253V253**. 
July 201 i -281V Sept 287V2S7, Dec 
275-274*1. 

Pork Belfies— Fab 80 90 184.90). 

March 84.97 (82.97), May 82.86. July 
78.45. Aug 78.40. 

- - 1 Soyabean*— Nov -S41-540 (541M/ 

Jan 554V5S5 (555««). March. 56BS- 
5581*. May 581-581*2, July 590V 590. ■ 
A up 5S2. Sept 592. Nov 596 
IlSoyabean Meal— Oot 154.7-155.0 
(155.2). Dae 159.0-159^ (159J). Jan 
161.4, March 1S4.S h May 167.5. July 
170.3. Auq 169,0-170.0, Sept 170.5- 

171.0, Oct 109.0-170.0. 

So v» bean Oil— Oct 17 05-17.07 
(17.10). Dec 17.45-17.47 (17.51), Jan 
17.70-17.09. March 18.05. May 18.35. 
July 1B.75-18.80. Aug 1B.B0-1B.85. Sept 


1B.05-1B.C8. Oct 19.21-19.25. 

tWheat— Dec 340» r 339 (335*). March 
380V360 (3554i). May 369. July 3894. 
Sept 3774, Dec 3934. 

WINNIPEG. September 24. 

§ Bar toy— Oct 91 .6 (91-2). Dec 95Z 
(94.4). March 100.9. May 103.4. July 

104.9. 

§Wheat — 5CV/RS 13.5 pa* cent pro- 
tein content cil St Lawrence 221.38 
(221.98). J i . 

All tints per pound exrwarcnqiiise 
unlna cthenvi-a oteiad. ..*5 par troy 
ounce 9 Conte per - i/by cunce. 
it C?nt5 per 55-/b Jiuchd. t Cante 
C?-'h b-J - *'"'. || S nar rhnrt ton 

lb). SSCan. per metric ton. 
r% •; psr l.c:^ sq ft. ♦ Cents per 
dozen, tf S per metric ten. 

: rhursday , s dosing prices 

NEW YORK. Sapumbor 23. 
tt Cocoa — Dec IKS 115381. - March 
1616 (1518). May 1056. July 1698. Sapt 
1736. Dan 1788. Sates: 2J7S. 

Coffae— ” C " Contract: Dae 137.70- 
137.80 (137.211, March 131 .35-131.40 
M „ 13fi.Tr?, July 123.60. Sept 
121 .7S. Dae 1 , .".W-r.".9ri. Seles: 1.016. 
. Cotton — ''o T- Ort F?JO (62.53). Dec 
F4.71 M-rrh 66.^. Mny B3 t». 

Jul- 67.05. Oct- 70.30. Dec 70.65. Sales: 
5.COO. 

Haettoq O’l— 'cants par U.S. gallon): 
Oct e9.7n-99.80 r?8 901. Nov 100.65- 
100.75" / 99.05), Doc 101.65-101 .76, Jan 
101.05-101.80. Feb ’01.80-101.95, March 
99.50-99.70. April P" 90. May 98.25. 

- Orange Juice— Nov 126.70 (127.00), 
Jen 127.23 (127.601. March 128.30- 
128.50, Mov 129.50-1 29.70. July 130.70- 

131.10. Sept 132.00-132.50. Nov 
130.60-131.20. Jen 13a 30-130. 90. Spies: 
200 . 

■Platinum — Oct 313.5-31P.il f307.71. 
Jan 322.5-325.0 (315 .71. Aoril 329.0, Julv 
340.1. Oct 34S.4. Jen 358.1. Seles: 4.117. 
CHICAGO, September 23. 
Chicago I mm Gold— Sopt 441.0 
1437 01. Dec 447 5-447.0 '440.81. Mprrh 
459.3, JunB 471.7. Sapt 484.7. Dec 438.2. 


SOYABEAN MEAL MEAT/FISH 


.October 

Dec 

Feb 

April 

June 
August .., 
October 


Yecterflys 4- or- Business 
! Close ' — Done 

1 . ' £ 1 7 

per tonnh 

1 18.00- 1L0—UZ& n8JN-15.ro 
11B.4D-1U—0.5D 1T9.50-19.4D 

1S2jML5 I22.W-I2.40 

l35jS0.2a.a- 0.15 I2S.7ri25.50 
.... 124,20-24,6 -O.B0 124.80 
... 125J6-2B.2— O,B>1!S£0 
1S8.50-28.0 -0.73 - 

236 (309) Iota of 100 tonnes. 


(91 IMS BY FISH— Supply lair, demand 
good, Pncos at shin's sfda iunpro- 
ceaasrf) nor stone:. She'f cod £4.80- 
£5.20, codllnq £? 5' Cl SO- Its Dltlce 
. £5.4ri. medium C4.S0-C.40. bast -email 
E3JHO-E4.40: tergo skinrod dog/ish 
£6.00, medium C5.50; loraa lemon 
solai £1103, medium £9 00: rocfcfisb 
£2.M- r 2.S0: rads Cl.gO-CreJ: seitha 
£1.53- £3.40. 


GOLD MARKETS LONDON futures 


Gold foil an ounce from 
Thursday's close in the London 
bullion market yesterday to 
finish at $427 -428^. The metal 
opened at $438-439 and traded 
between a high of $439-440 and 
a low of $425-426. The weaker 
trend was partly a reflection of 
the dollar's stronger perfor- 
mance. 


• ■ ■ v- jt • w u-J-iosa 
c i-.i | cno 


" - *'-cV | | 

C-.-.r ‘'M.n lJD-3.375 257.8D-0.ro 
•O T.- •. -5; .“7,3.30 -4.600 — 

DSC ■> -. 1 ' 6.00 -4.53D 281.7tt-5S.O* 

.'■V' r- .; 55..ir.efl.-S.123. — 

Fe‘ r* • 5‘i i.'-6Q— i^40Mi 
Marelt— ..‘COO D‘'-2. ir,-4.7iDI — 
AuHl 862.O0-5.Ml — I 


,16*478 +X5 


se pt. 24 ; 

Cold Cullipn (fine ounce) 

{How)- 1848714 4281* (£85011-8511 18437-438 

Opening 8*18-439 (£256^-20714) 1*437 AS8 

Afternoon fixing 4W1 (£2b8.48tn IM35J&5 


Sept. S3 


(£2541*8551 * 
. (£255i4-2553i) 
(£264.823) 
(£854.734) 


Bold Coins Sept, aw 

Krugmd 8435^438 WMS?! SX&L 

4* Krug m?h-BSBiz |£133M-133S 4 ) Victoria Sov 
kKrug $116-117 (£68 681*1 French 20s 


1/10 Krug. 847Jc-48U tf2754*Blal 
Maplelea 84391*^1411* 1^0719^56! 
New BOV SlOm-lOZlt >£5914-593*) 
l* New 8ovS60-6a (S514-36U) 


French 80s 
50 pesos Max 
100 Cor. Aust 
620 Eagles 


61B3-WS (£60 14-61 ui 
S1D&-1BS (£6Qi, 01 Ul 
S85JB7l| 

*519-521 (£204-5*5) 
S4i4is420 

5460485 (£26914-87811) 


- - 




EUROPEAN OPTIONS EXCHANGE 


Nov. 

Vol. : Last 


Feb, May , 

VoL Last ) Vd. ; La« : StocK 


GOLD C 

S3 00: 



■ • 

5 

148 A 



— 


GOLD C 

S525 

10 

1 USA 



— > 

— 

• — 

1 

GOLD C 

8400 

5 

! 49 A 

3 

70 a! 

— 

i 

1 

GOLD 0 

5450 

84 

1 20 i 

8 

42 Al 

r— 


J 

GOLD C 

S475 

54 

j 14 A* 

— 

— ] 

.83 

| « 


GOLD C 

S50O 

45 

9 i 

40 

22 1 

— 


r 

GOLD C 

5550 

5 


22 

13 i 

7 

so 

i 

GOLD C 

3325 

fl 

) 0.60 ; 

— 

— 1 

— 

ilO.10 


GOLD P 

8350 

5 

1 2 ! 

a 


2 

I 

GOLD P 

S575 

39 

. a • 

8 

14 S j 

— 

; — 


GOLD P 

8400 

33 

ia ; 

— . 


— 

! ” 


GOLD P 

5425 

58 

; 20 8 

3 

50 i 

BO 

; mb. 

GOLD P 

8450 

22 

i 52 B : 

— 

\ 

— 

; — 


GOLD P 

§475 

IS 

I MB; 

— 

- 1 

— 

J 

i 

12*4 NL 81 87-01 ■ 

C F.I 12.50! 

20 

• 2.40 : 

43 

2.30 ; 


, _ 

IF 

C 

F.I 15, 

— 

— 1 

10 

1.40 | 

— 

: — 

1 

IO- 1 * NL 

C 

80 86-95 

F100, 

10 

1 3.40 f 

1 

_ j 

__ 

; — 

;F 

111* NL 
P 

82 88-92 
F.I05 


- ! 

- 1 

i 

2 

3 

!F 

101; NL 

G 

82 86-89 

F. 102.50. 

12 

; 1.70 ; 

40 

- 1 



— 

;f 


ABN C 
ABN P 
AK20 C 
AKZO C 
AKZO C 
AKZO P 
AKZO P 
AMRO C 
AMRO P 
AMRO P 
HEIN C 
HEIN C 
HEIN C 
HEIN C 
HEIN P 
HEIN P 
HEIN P 
HOOG C 
HOOG P 
KLM C 
KLM C 
KLM P 
KLM P 
NEDL C 
NEDL C 
NATN C 
NATN C 
PHIL C 
PHIL C 
PHIL C 
PHIL P 
PHIL P 


F.240 
P-240 
F.2S 
F.27.50 
F.30 
FJ35 
F.27.50 
F.40 
F.36 
F.40 
F.55 
F.60 
F.65 
F.70 
F.60 
F.65 
F.70 
F. 17.50 
F.15 


96 , 2.80 
165 ■ 1.40 
50 ! 0.60 
5 . 0.70 

15 j 1.50 

io ! i:5o 


April 

20 ;i2.50 F.241 

I I — F.a'flao 

10S I 2 


20 I 1.10 ' „ 

io • 2jsto ; „ 

- . - F.38 


113.70 B 

I l 5 

I 0.80 I 
j 0.10 I 
I 0.50 : 
; 2J20 I 


4 ' 4 

- ! - 'F.68.70 


23 ' 5.50 
54 ■ J2 70 


F.90 — 

F.100 5 

F.80 - 

F.90 10 

F.110 28 

F.120, - 

F.I 10 1 

F.115I - 

F.22.50- 95 
F.2S 1151 
F.27.50 75 

FJ32.50 — 

F.25. - 


12 I 1.40 
4 1 3 : 

g ; 0.90 - 
50 ! 0.90 
12 > 5.50 ! 


- ! 10 ; 2.20 a - I - 


15 ; 6 

e ( 5 

7 I 1 

- I - 

5 : 1.40 


- ! — :F. 106.50 

4 | 4 ‘F.llft 


89 ’ 1.70 ! 
98 i 0.70 ! 


— 20 ' 0.70 ; 


— 1 - 1F.2B 

77 1 2 | „ 

122 | 0.90 „ 

10 < 0.40 

Si 1 ! . 


RD O 
RD C 
RD C 
RD P 
RD P 
UNIL C 
UN1L C 
UNIL P 
UNIL P 
UNIL P 


F.OU 

F.90 

221 

Sv.CK/ 

1.50 ; 

■** 

48 

A* 

4.20 

3 

F.LOO 

7 

0.2Q ! 

36 

1.10 

160 

F.80 



I 

20 

0.90 

— 

F.90 

27 

1.70 1 

SS 

3.50 

— 

f.iso 

4 

18^0 A. 

6 

ia 

— 

F.I 70 



_ 1 

66 

3.70 

12 

F.150 



^ ! 



6 

F.160 



1 

39 

3.80 

2 

F.I 70 

— 

— i 

10 

8.50 

2 


- :fss.bo 

5.50 ; „ 


— ' I „ 

— IF. 1&20 
6 ; 


NOV. 

MANN C DM.140 4 ■ 4.50 I — 

SI EM C DM.220 10 -32 — 

SIEM C DM.240 10 12.10 — 

SIEM C DM.260 15 , 2.50 1 12 

VW C DM.150 4 ; 1.50 | 20 

TOTAL VOLUME IN CONTRACTS 4,995 
A = Ashed B— Bid ( 


May 

- I — (DM 140 

— - IDM249.20 


SIEM C 
SIEM C 
VW C 


DM.240 

DM.260 

DM.150 


12 i 4.50 
20 3 


— I - IDMU9J0 


LONDON TRADED OPTIONS 


September 24 Total Contract* 1,441 Calls 1,169 Puts 272 
Oct. Jan. I April I 


"S?® VO,. ftjg-j Vo1 - RS? vol. ! S 


BP ici 
BP ici 
BP -p) 

BP (pi 
CU ici 
CU ipj 

Cons. Gld to 
Cons. Gld to, 
Cons. Gld ici 
C ons. Gld ipi 
Ctldo. ic- 
Ctlda. >c- 
Ctlds. (cl 
CEC >C> 


GEC 10 
GEC ipi 
GEC (pi 
Gr'd Met. (cl. 
Gr*d Met ici 
Gr'd Met. lolf 
Gr'd Met (c) 

fir'd Mot mil 


- 42 

G 28 

- 19 

S 32 

- 12 

- 10 

2 B4 

5 37 

— 26 

— 35 

9 15 

2 a 

— 5 

6 | 202 

12 I 142 

2 34 

— 65 


“ «lp 

3 W29p’ 


10 76p 


10 

- ‘45124 


Gr'd Met. ip,! 
Gr'd Met tp> 
ICI id 
ICI (c) 

ICI Ipl 
ICI <p) 

Land Sec. <cV 
Land Sec. (d 
MKs A Sp. ICI 
Mks A Sp. lei; 
MKs A Sp. 10 
Mks A Sp. (O 
Mks A Sp. (p> 
Mks & Sp. ipi 
Shell ici 
S hell ic 
Shell ipi 


- E7Bp 


- (298p 


- 32 [ 

- 25 

20 - 1 

1 54 

34 36 

25 20 

4 6 ’ 

24 12 

7 52 

- 30 

t ■ 20 


- laaip 


- pt»p 


- Up 


Barclays >ct 
Barclays >ci 
Barclays tc> 
Barclays ici 
Imperial >c- 
Imperial tci 
Imperial ic> 
imperial ip- 
Imperial ip; 
Lasmo >ci 
Lasmo -c- 
Lasmo ipi 
Lasmo ipl 
Lon mo ic» 
Lon r ho ici 
Lonrho >ci 
P&O .Cl 
P&O (pi 


Racal (el I 
Racal io 
Rncal ‘P 1 
Racal (p< 

RTZ -Cl 
RTZ ci 
RTZ ipi 1 
RTZ ip' : 

RTZ ip» ! 

Vaal Rfs. (o.« : 
Vaal Rfs. ic. ' 
Vaal Rfs. ic 
Vaal Rfs. ipi ; 


350 : 

43 

2 

— 

360 

55 

1 

62 

590 

15 

20 

28 

417 

6 

10 

— 

90 

16 

19 

19 

100 

a 

166 

11 

110 

3 

131 

6 is 

100 

31g 

10 

3*2 

110 

9 

— 

11 

360 

28 

8 

aa 

390 

10 



26 

330 , 

a 

— 

14 

390 1 

47 



57 

80 

9 

6 

14 

90 

4 

— 

ale 

100 . 

1*3 

— 

3*a 

140 1 

6 

20 

11 

140 

11 

— 

14 

550 < 

75 

4 

92 

600 

45 

35 

63 

550 

9 

1 

20 

600 

23 

3 

33 

420 

27 

2 

48 

460 

10 

5 

23 

390 

6 

2 

16 

420 

ao 

13 

25 

460 

50 



55 

55 

ISO 

— 

200 

60 

140 

1 

160 

70 

64 

1 

114 1 


- 1 55 

- 40 


May 

— |385p 


3 23 

67 14 

6 8 

— 7 

10 13 

16 6a 

5 45 

1 25 

5 73 

— 18 

8 11 

— 5 

— 16 

2 16 


- IQSp 


- I349p 


— 85p 

10 ” 

- 133p 


— 110 

7 75 

— 30 

- 40 

3 57 

- 30 

— 18 

- 40 

3 67 

- 224 

- 180 

- 134 

6 84n 


3 I605p 


— K«7p 


1 571i 8 


BASE LENDING RATES 


A.B.N. Batik 10*% 

Allied! Irish Bank 201% 

Amro Bank 10*% 

Henry Ansbacher ...... 10} % 

Arbuthnot Latham ... 101% 
Associates Cap. Corp.... 11 % 

Banco de Bilbao 101% 

BCCI 10*% 

Bank Hapoalim BM ... 10'% 

Bank of Ireland 104% 

Bank Lemni (UK) pic 10! % 

Bank of Cyprus 10}% 

Bank Street Sec. Ltd.... 12 % 

Bank of N.S.W. 101% 

Basque Beige Ltd. ... 101% 
Baoque du Rhone ... 11 % 

Barclays Bank 10}% 

Beneficial Trust Ltd — 11}% 
Bremar Holdings Ltd. 111% 
Brit. Bank of Mid. Bast 101% 

I Brown Shipley 11 % 

Canada Perm't Trust ... 11 % 
Castle Court Trust Ltd. 11 % 
Cavendish fi'ty T'st Ltd. 12 % 

Cayzer Ltd. 1Q|% 

Cedar Holdings 11 % 

I Charterhouse Japhet ... 104% 

Choulartons 101% 

Citibank Savings Ill % 

Clydesdale Back 104% 

C. E. Coates 11}% 

Comm. Bfe of N. East 101% 
Consolidated Credits... 10!% 
Co-operative Bank ...*10}% 

Corinthian Secs. 10 }% 

The Cyprus Popular Bk. 101% 

Duncan Lawrie 10}% 

E.T. Trust 10}% 

Exeter Trust Ltd. 11|% 

First Nat Fin. Corp. ... 131% 
First Nat Secs. Ltd. ... 13 % 
Robert Fraser ... ll}% 


Grindlays Bank 110} % 

■ Guinness Mahon Z0j% 

IHambros Bank 101% 

Hargrave Secs. Ltd. ...alO}% 
Heritable & Gen. Trust 10!% 

■ Hill Samuel $101% 

C. Hoare Sc Co tlOi% 

Hongkong & Shanghai 101% 
Kingsnorth Trust Ltd. 12 % 
Knowsley & Co. Ltd. ... 11 % 

Lloyds Bank alO}% 

Mallinhall Limited ... 101% 
Edward Manson & Co. 12 % 
Midland Bank al01% 

i Samuel Montagu 104% 

I Morgan Grenfell alO}% 

National Westminster 104% 
Norwich General Trust 101% 

P. S. Refson & Co 101% 

Roxburghe Guarantee 11 % 
Slavenburg’s Bank ... 10}% 
Standard Chartered ...1(104% 

Trade Dev. Bank 10}% 

Trustee Savings Bank alfli% 

TCB 104% 

United Bank of Kuwait 10}% 

Volks kag Inti. Ltd. 104% 

Whiteaway Laidlaw ... 11 % 

Williams & Glyn’s 10 } % 

Wlntrust Secs. Ltd. ... 11 % 
Yorkshire Bank alO}% 

| Members ol die Accepting Houses 
Committee. 

7-0ay deposits 7.25%. T month , 
7.50%. Short-tarm £8,000/1 2-fflonth a 
9,85%. 

7-day deposits on sums of; under 
El 0,000 7V». £10.000 up to £50,000 
8%. £50.000 and oviar B>«%. 

Call deposits £1.000 and over 7V&'. 
21-day deposits over £1,000 84%. 
Demand deposits 74%. 

Mortgage base rata. 

Effective from close of businass 
31 August 1982. 


Financial Times Saturday September 23 1982 


CORPORATION & COUNTY 


BREWERIES 


London County Spe 1 98D-B3 CS 74 ft 


Greater London Council 6>*pc 199D-92 
£72 <: 3 ft *i* 

Aberdeen Carpn 3 pc 1965-85 £B3ii 
(2291 

Birmma'hem* 'coron 19J^£18'.- 

3 DC 1947 E22U. 3l]pc 1946 £25 

fZ2l3i 


A Hme-Lrom S‘^cFf_f£n 49 . 7<ocH ] 
• £1 1 £ 8 . SpcDb 55-00 CSU : (20 9!. I 
3140 c Db 57.97 MK-. AmPCOO 79^4 
£39i; >2< 9> 5'«pcOb 79-54 US 02.9.. 
5-;PCba 79-84 CC3.-I. SpcOO 79-B4 i 
C90 t2I-9J. CUecDO 84-69 *75^. do 
57-92 £ 6 & 122 9: 6 'rfcDS 58.93 £67. 
7CCD0 82-87 «2-i. 7 i«bbO!» 85-93 £74 
5. 5 ipcLn £37': (2Z.'9*. 7:^cLn £59 

C2C 9i- 7 -OKUl 93-9e £89 
Bui J-.pcOij e7.92_fca3i4. S’-pcPb 87-92 


arm no hem District Cornell ispe 1983 
£101 1* '< »s:. J 3'SPC 1989 CIOS’* 
Bristol I City or. 130C t985 £1D3U H7I9J. 
ver. Rate 1982 £100.029. 

Bristol Corpn 3'iDCDh £26 s |1T9> 

Bucfclnghamstilrc tewtj Ceuneil Ver. Rate 
1982 CldOf.i .164 11164 .179 1 17/91 


£77 : : 9- 10 BbccDtJ 96-99 £54. 4:^cLn : 

92.97 £48-4 (17 3!. 7'mkLp 92-87 ; 

Ante 

Bm inw 7'wfftLn 9Z-57 C67 1 . 

Bodd-ostor^ 6pcOb 87-92 £56^ (17.91 \ I*** ™ 

B-jlmcr 9 :pcF 7 •£>! 101 I without 

Came 4 49c9b B3-37 £72 f 17 9). 3'<sc ; n-r- 

m £20-4 I2I9«. 6'4t*Db 84-B9 £77 ; 

raj 9.. TacDs 87.92 £72'*. SpcOs | Servieo. 


Stock Exchange 
dealings 


tavake ItpcM l»i-95 £W CTiy . I TeUya Hweewop W Trwr nr 
Snew Carpets 10ae2ndm t£l> U'i 4 n tn he On) A u riitu w 
(20 9) _ N iyww* Abtntta Tun pu> ~ 

SM*« (Franc tu S'iPePf (£11 2§ MB. i (9T2-B2 £*»■*. 117 itT 
SUnmi CneiMvrlm 9>*cDtt 1M2-B7 £W>> | M »* MH»» *-«0b igj? 

°?SS»'rar7., 5™ 

Sl-S wiTn.® 'apr«^« , 7ysy>> 


1982 £100* .j .164 11/64 .179 (17/91 „ 
Camden (London Bwatiflh. on 12’sPC 1965 


Grampian Reflioiul Council 101 *pc 1985 i 89-94 £79:7 6U. 6 ’rticLn” 2 ~ 0 W - 09* £557 • Unless otharwiso indicated, denominations era 26p and prices sre tn panes, 
drawiwich” ilondon Borough oh n »*pe I Sf^ 9 1165 f;7 9l - io:.^eL» 1 The pficas ar# those at which btauass was dona In (he 24 hour* us to 130 hi 


Oatails of buatoess doss shown below have bean Men with < 0 rt» t h t from 
i last Thursday's Stock f.srhsnga Official List and Should not M Mpndueed 
! without paraiasioQ. 

i DetiuU ralata to those aacuritias not included in tbe FT Sbsrs information 


liKUi 1992-97 £841* 0*191 H':l Vt (1711. TscDh isi 

5r«'« ,0*"’ *»<ais Hssm SbBCFT (ID «*»>. 7'iecoa 1«M% k£v*’ — * 

X&fifAJTtiSIg tWsSSi ^ 

(SJS>Oi 1993-2900 nSS^USs & ^ ^ 

Spjwiw ijrmw fotFrihCll K*0.J7 mhui iH T sarf Best tK?. 


mwltTijiramoai Go 9 o£ffr Urtl) ir£0.27 i •$££ vtt* - 

U«9». loIScU. 1973-95 £30 l2tM9* l ?03 IfWMfmrtt 
Sommervnie rwfllhunl IhQM MU'W ! 
lortrfw . twill Bcnwt Go harfl 


SAtaeM Berts Bcnwt Go ftizaci 
93’: i20(9l 

5ontlW59 Stedlum (501 23 (207) 


GnmiNlcn iLonaon oomran an n-w- j 
HcSordiJi?™ 'county Council S'iPC 1962- I 


„ffl ‘tuts ff- »■>*- 1 : = ro - ,ss - 1 " «-« “»-■ 


1981-83 £3 Si CW| E w , 

Islington cwwi . Jg?— 1 , 3 59315 

■22 91 1 Z*i PC 1906-B7 EIPI 1 *. 13-7DC 

1982 El 00 b. 14 DC 1985-86 £106 

Kington and_CBcJ»« (Royal Borougt) 
n071a »i» 


90 ** 5 17 *!• loifoet* Tba pneas «* those at which business was dona In the 24 hours up to SJO pm 

\ * 167 . snePt .£11 u:. < 3 i qi I on Thursday and satitad through the Stock Exchange Talisman system; they am 
Distiller; 5-jtLn £42 u, 7uscLo PE-93 ‘ not in order of mecutwa; but a ascending ofdw which denotes tbs day's 
£69* =: i 70. 1C.5ocLn 93-98 £S7'i ‘ highest and lOwsBI dCSbng pnfiaS. 

Grewull Wn iicY sacFf (£ij 91 u. ypcia { those securities m wtweb no busmes was racordad in Thwndfl/ti 

£52 apcin £ 67 % 3 * : Official 'jii f« tw. seccrdod business .n the (our prsvious days w given 

Oewie K 1-3 6 ‘.DC at) 25-93 £7S’( it? 9) I with the relevant data. 


Scottish M wi gr ee and Trw itr 
DO T9*o.»5 MV » CM-5J 
3 :re«« upm lawn BU 5 mW ui h 


j Sparrow IS.WJ Swa 8 >:BOil 1990-9S cImm AUmc* Trust 9L6 ■ _ 

I sSfS?)®. 1978-83 193 h 1*1,9,. 7..« 

llm iBWFAL 1*10/83* 1 ‘(2 Db mrt £26^ SSle ? 1 iHJJS'Sh* 

ysg.F'rrmiBre.H^nJ ‘ „ KecO? Mwfe. 


tessinaw® ^hWA*** 


BSSi '' 7 ,9) - 

mrvwi 

NnLV Upon^ -Tyne Conin 9Lpe 1981- 
NcniKlf Corpn 


mSmv &OI 9WC : 1 B9MMM E96|s 
St Helens iMetrOPoUttn Boraagli o*» 11 W 


Sri?ora C ^?rpS 5U«®198|-M CT7 
sand well [Metropolitan Borough on law 
19BS t103'l 


South Tvneslde (Met Borough o<) 1lU»c 
Sojrthrndim-£M Boron flh Council 12 dc 
S oul hendi?n° Sei Corpn 9'*PC 1981-83 

*■?&?*, Sas 

ei02U >r (22.9' — 


} Gutnrns 7 -tsKln 2001 £87'* E, lOPCLB ! 

93-92 US'- 1 

t Hirers 417 B 122 91. SpcPT 111) - 

38. epePt (£11 47 

Hcan'trec 1 5 ȣ1- 1l5' s in 9' j 

Higions 6 -ecLn : 090-05 £54 CZ231 
I n*' DiKiiim Vionwrs e : :bcZi> 37*92 > 
£77:. (I79i ; 

McMuUeo A Sens 4.725 pcPT i£1» S4 \ 
(20 9i I 

Mansfield Brewery '£11 4S2 t 

Marstoe. Thompson A Eyenned 105. • 
4i*pcDh 1992 £70 (20*. 7pcLn 1995- * 
98 £56 (20 91 _ „ 1 

Scottish & Newcastle Brewer let S';ccP! i 
i£1» 47 (22 9i. Sl.pcIftOb 1979-84 £92 
r2H9). 6oc1stOti 1984-89 £73>« (20.91. 
GltpcIttDb 1978-83 £96>:. 6'iBClttDb I 
19BS-90 £77 117. 91. 7l*Kl«DD 1989- ! 
94 £71 'A 

South African Breweries 7pcpf (R1* 260 
ToUemaciie 8 Cefchcld Breweries GpcDfa 
1990-35 L5S: : »17 9) 

Truman dpcDU 1889 £30 l17 9i 7 l 4 PcDb 
1988-93 £701, h <21 9i „ „„ 

Vau» Breweries 7 :. pc DP 1987-92 £73 
(17 9) 

Watncv. Mann & Truman Hides SLpcIrrd 
DP £28 (17.-9,. 4>4ECDb 1978-83 £93. 


I Earsa-rs si sccc.ai pr^as. ° Sargsms done tit* prsvious day. A Bargains 
dor.e until rw-ser.Be o? eseected in omtsejs marksu. 


Uawrtev iBdostr.n 7*sKU> (V 
31. TV win 1 958-93 £62 
bd Brothers NUtn 7atLn 1 * 


BPS Intimtres lOUoeDb 1997:2002 £85 Grand MstrowjliTsn Hotel* (SCCHand) Soc 
(?7 9' ! Pt (LU J 4»i ei7 9i 

B.P M HW- N-V 8 Cr* 71 131,-9:. i Great UrKverul Stores 4'rpcCPI t £11 33 

6 ; 0 C*n 19W33 £62 3'; (219) I 117 9). ,9'«ln £41 7>Ma 

B.5.G. tmerwa IS-^cLa 1993.98 £70 1933-53 £76 SLtxiq 1993-98 £ 74*4 

■22 9: ! tSrr«H*ei{M Leisure lOaePt ILlI 7Q <22 91 


TR*FiXM^ W fm Trs. Fie l 
S t*ri BranSm mto %tLn* 1990-9S £961* •tiBCBb ,lfii5 

(20(9,. gpcLa 1990 -93 £88'; H79) T«°^h^te*«c2rM. <*« .. 

SteeUev Tpctn .1984.85 U7 flVsi T 5*S*"^2? Caw « OWsi 

SrtNpb Industries isiFi iS'aPU (£TJ 3- enpan If nn ms — — 

Sternward HOD l 26 t17«i _ _ (lMi C0W 3KIW l»W*«7 f78!. 

i'j of ° ^ 5 ' a °' 1 * Bar Investment Trust fie'?— p, 


»•*< Brother* NUn 7BCL8 1990-96 £96>1 
[20,91. gpcle 1990-95 MB'; n?9) 
SterUev Tpctn 1984.88 U7 nVrSl 
SnrHPfl industries isrpr i9>zpu till 5* 
Sternward noei 26 117(9« _ _ 


Sotrr Dta -Soi ' 2*. " OIpcSuMji IMS- 

2000 £83,J lit.'*, M 

Swire 'John Sam B.SPCWf (4i > 78 


ittl »>) rlTrftl. aimtun 
£951- (21 m. BocLn '1657-92 19* 
TriOtiMMt FLC 7*80(09 1987-*r tnV 


BaVticii leterfU 7Dttit 1973 : 5I £96 I ®^ t_ £ i Qro:,, ** tr <*» SblKVn 1984-9* J Svmond* tnsratwkw cSp, Uti S«: ««« | u.S. Kd Gw Tit SPCFf Ufli t tlT/n 


s'iS tCitVO,Jl3«4 2008 £1 08*: (22/9) 
TamM^dei Metro poj IU n Borouoh oil 10*40* 


S-'UXDh 1988-95 £571; [22 9i. 6':ccOS . .. 

1987-90 £741; |22 9). 7>sPcDP 1987-92 ] Bean Bros tQocPf :C1) 88 90 (17-91 
£71 (2Z9). 10'iPcDb 1990-95 £89 . Bc.iSO.Ts Hrs-enr (MM 911 12o*Ln 1977' 

l£S9i. 7<<pcLn 1994-99 £64 i22 9i. 1 1991 ££2 3 £17.9? 


(2C 5. 

Baiaw.- (h. jj 'Tee? s ist.s* 

Carpscy 7 dcFT (£1, 64 
Boric er & Dccssi Go 6 ^iDCLo 7B9C-9S 
£44 (17 9. ISocin 1977.74 £96 <22.-91 
Barr 5 WHUt AroeW TV! 6 S <21 9> 

■Kfffi Dr ~" r ‘ ^ ZStLl ‘ t99ZV7 DO 1990-95 ££ 8 ’* 9 ’4 

Barcw Heainr. Go 7.75ecPf <£1» 73 '990-95^^ (206) 

Ear- & Raritan* Ge 7-yaeL-. 1982 93 "£- 19 ? J*™** S'.-OCP, (£11 38 7 

a u. . , HWi >fne> Cere LASO -25) SB <22-91 

£83 

i-l?T**.Sj ,S i 4 M 1 Sai? KairiKun Cross eld 6' lP cPf01I 52 12291 

EriJ HIMS e*P??£? 75 (22 91 "gffi - 

Bean Bros lOocPI :cil 88 90 (17 95 H»r« Gru laScPT i£ll 11* 

' =1- r ^T: - 'MWgil I2octn 1977' H*r?u (QalMonsl PCLn 1980-85 £80 

• TOl JL&s. A b'4.9‘ |1? Q] 

BeesJard -S. 5 W) r-tpcP* (£1i 47 50 Heal inn HI das (£1j £18: 1ST (2091 


£68 (17:9, 

Groyeoel, Grp 9 pcM t£l l 39 

Guest Keen NculefOliU 6>40Ctai 
£84 ■: I. 

I Guest Keen NentereMs (UK, ftt 


T— U— V 


TAC* 80BCP1 HOF) 1* _ ... w 

T, Group S.BpcLh 1989-94 ESI 


VSntSp, SMwItiH R-C ttOpl » ■ 

Wm Imnstment PLC Swra . 

US BpcOb IMMatej^” 


Tjsafja-csa’o -". ^ 


£1001 

UK PUBLIC BOARDS 
ffiiS , rk a 8r rt “^Db C ^SSl-8S , 3SfJ 

ri^9l 51 -pcbb 1993-95 £571- 8 U 

So IJ: BPCDbl 982-87 £76':. , 6 'jPeDb 

1 99l-_94 S.3»* '22.9h_6HKDb 1 98S- 


in r '71 7 *jpcDb 1981-84 £92. _ 710* 
nh 1991-93 £721* 3. 9 UpcD b 1 980 -85 

MSI 9'5h5)b 1981-83 £991. 9l»C 
Db 3 198J^B&£93. 9';pcnb 1955-87 £95. 
10I4KD6 1992-96 £84 <21/9,. 14>4PC 

CpySe Au 0 thdritv 40* £201.(1 71 9, 

Finance tor Indwtry 3V. C L" 

g?, h t *g£ wua^fi^iSk. 

M%W,HBin >,9 WaMr 3PCA 1963*2003 

Norifie™**tratand Etectridty 6'^c W- 

83 £98 (21i 9). 7i-DC 1983-85 *80* 
(2119) . ... latq.m 


SPCLQ 199D-9S £72>:- BltecLn £61’i 
Whitbread & Co 4i;pelstPf (£1) 35 120 91. 
SiTpcSrdPf (£11 46 (21 9, 6pc3rdP( l£1 > 
521;. 7pc3rdPf (£1, 57 (20 9,. 4 ;DcDb 
1999-2004 £42 6 I 4 DCD& 1987-92 £72 
6 ;oeDb 1986-91 £701- (20 91. 6lpcDb 
1984-87 £82>> 7pcDta 1988-93 £70 
(22 91. 7-'*DrDb 1989-94 £73. 7'<PcLn 

1986- 91 £73 Ij. 7S*pcLii 1995-99 £621*. 
10i;pcLn 2000-09 £ 871 * 117 91. S'ipc 
I irdLn £44i< (20.9, 

Whitbread Inw a sone nt 156<0- 6 ';pcDb 

1987- 92 £68L- (2091 

Youm & Co’J Brewery 7 >4PC 1 StDb 1 956- 
91 £72>i 3 (22 9» 


?3B& ISR’toiR Wu® mines miscellaneous , 


Tarmac T'sacDb 1992-97 E66 <17/91 

ifjra.'saa SA'wmwi j® 

Da 1980-BS £85. I'lsSi 198*^94 


^ **» 
Angie A m e ric a n Iwwaana m Trwc flaj *, 
£300 T?". 

Aswco lK 'Cam Nn 225 (21/9) ' 


£70 (^^7.: S Ln :0O3-O8 £81 ( 17T9, ^ F1C 13 

I0i.net£ =<M3-08 «0 UH«1. ISoao RSf (F»2> 12 

ij^Ngw'lX 1987-90 £75k 52"??^ C ° **» OBJ 


n sk i- K’Soe ‘oiffw ”3S ««*»«•« nooi ge 


12KL0 1991 EIOO |2»-91. 


COnsQhdMMI Co ~u ‘~* — iiiti Mg 
30 (171) 

CwwoikUMd Geld FMdt VIC 


117 9, 

Berm Ires T'lPCTStCt) 198691 £72 
Berwick Tirido S\-utPf f£l> 25 i21,9i 
B estwood rises'.' no (209) 

Birui-d Q Lai cast 7 :ukLd 1987:92 £59 
(20 9) 

Birmingham M.ri 6ocPT C£1i 35 (17.9) 
BIccKtovs 6 pcP? <50p) 16? : (21.9, 

Blue Circle IndJStres 7octa> 1 Set 93 
£72 ;. 9SC Ob 1992.97 £30. lO tSCDb 
1934 99 £91 :;. BupcLa <1975 or atG 
£4S :* 


Heath (Samari, Sons (503) 310 (22/9) 

VSS2J&2& iwn-t 


,2119) 7'iiPCln 1987-92 £66 <22/91 
THORN EMI 7pc2ndP< 1992-99 lEl) 108^ 


Heoworth Ceramic Hldgs T'apcpe 19BM3 
£75 (17/91. 10.4pcDb 1992-97 £89 _ 


COMMERCIAL INDUSTRIAL 
A— B 

AE 6>4pcDb 1980-85 £87>: (20,9,. SpcLn 


Bocts SacLn 1970 83 £981. 7. 7‘cOCUi 
1983 93 £74-’* 


1989-94 £64 5 
«Cl 5‘uicPI <R2> 25_ 


■a? « 

tz|i91. lOtincOb 1989-91 £86 


r». 7peDb 1980-83 £95 ll 

lOCincOb 1989-91 £88 


AMF Inc (SI .751 912'j (22 9) 

APV Hldgs 10 'iPCCnvUi 1997-2002 £180 
(21.9) 

Acrow 7<;pcADb 1986-91 £75 (22,9). 

BpcPUTCmUi 1992-2002 £47 (22.91 
Aertlnte Elreano Teoranta 10‘;pcSifgDO 
1991-96 £65 (21 91 
Albion (20pl S'j 6 (22.91 
Albright & Wilson 7>.pcDb 1985-90 £75-"« 


COMMONWEALTH GOVT. 


E S). apcDb 1987-92 £78 (17191 
Aluminium SldNn £13 
Alcan Aluminium (UK, lOiipcGtdLa 1989- 
94 £87 (22-91 . _ _ _ _ _ 


£73i; 117 91 


■ M * nww mivoh AiHmuHnni vum « u'ikuuiui ian3 a 

East African High Commission 5)«oc 1977- g4 {22 . 9 , 

83 £97® Alexanders Hldgs AfRsf.VI (10p) 6 

Jamaica aUpc 1981-83 £95 ij( 2 l 1 9i Allen {EdMO Balfour 7><pcDb 1987-92 

New Zealand 3 i^c 1961-84 £B 8 il *< £73'; 117 91 

■21,91- 5 UPC 197WK £1(»J». Allied Leather Hubs 262i; 4 (20.-9) 

South Australian 3pc 191 6 £Z3>- Allied Suppilera SpcLn 1982-87 £73 

Southern Rhodesia 3 W 1987 69 tn Amdahl Corn (S0.05I £1£i; (20 9) 

(17191. 4«BPC 1*S®3S m sl Vae 1975- American Medical Intntl (SI, £18 07 9, 


Bowater Coro 5 :ocP* (£ 1 ) 44 <22 9*. 
3 vision M997I £52 3 (17 91. 7 pc 

Ln 1992.97 £62 (20'9i 
Bowficrpe Hldgs 7pCLs 1990 VS £57 - 1 

Bra .me 4T. F. A J. H.l [Hdm< 44 (22-9) 
Braithwaite Engg 7*.-.pcn (£ 1 ) 40 
BrerTs Stamp ^vg 6 ocPf 1-20000 (£ 1 ) 30 
117 9» 

Brldon 10:>pcDb 1991 96 £87*4 (21.0). 

6-':9CLn 2002-07 £S 2 V (21 9, 

Bright -J.) Ga *ocLn 1968 93 £64 (21 91 
BritlsA AJunrilium fipcPf l£li JO- (229) 
British- American Tobacco 5ecVT (£l> 43‘- 
6 pc 2 ndPS (£l< 54?;: 7ocLil 1982.87 
£89 * 

fts er In* lOpcLn 199G 

1995 £91'*. ,0:-pcLn 1990 95 £91 
B *2<r9J dPCLn 1993 98 £55 

i British Electric Traction 6 o*Pf (£ 1 } u 
•20:91 


JSSJSm* VKSPAW s&m. 

HeJ5«*fJ.» < fiS5rt*, : p) i^Pf (£1, 60 <20 91 

Hide son Welch (Hides) BitpeLn 1989-94 
£69 (17'91 

High gate Job Grp (50 p) 50 
Hoover 65 70 

Hsphinsoits 5Jt5ocW (£1, 47 <17191 
House Fraser J^ocP* (£ 1 ) 32L 6 ^Ln 
93-98 £55 1* (2T91. BLpcLn 93-9B £69>; 
Hoventigham 7pcP1 (£11 73 (2M) 

Howard wyndhiir iOOii) 41* S. A (30u1 4. 
Ooevr 1999 (2001 9 «22 j 9K IBpcLo 


B 7 | >, 9. SpcLn 2004-09 £42>3 

i219i. 6 <:pcLn 1S85-OT *&•**?%£ 
Ln 1989-92 571 U. 7.toeUt_a60*;W 


72 (22/9) ” 

Kims Kdtas Tin Drudging PLC QS») S 73 


M.T.D, (MMMltl (5RlLri6 OH (81 

M 4 I 50I^. , 4 8 *"***** 0W4 to. 

North Katouril Mines Opt to no Nr ( 

sirara i5u® . 

Nottbchart lmcstments_.rilD.HD 7 t»w 
Rio Tlnto-Zloc Car® PLC Aotbm oil 


£63 (21/9). aijpcLn 1989-9* £73** 

Tilling ^Thomas) 4.55PCM (£51 200 M. 
4JSpcPf l£ 1I 53'.- 3J5PCPI «J1 64. 
BpcDb IjWSJO £79*aO. atPCLn 1989-94 

nmrt ' 4 FdmltMim (Properttos) SpcIstOb 
^■"Vp” iS’i^'u, 199,-96 £69.) 

-ntHhur Jute Factory (£11 22 0719). 

GpcPI l£1 1 48 (22/9) „ 

TonBMt Corooroup JO-'O* W. 


9p*Pf 1999 (20»1 9 <22)91. 1 SpcLn 

Howdwi ^sSocDb 86-91 £81 ^1® 
Homphries 9 IO __ 

Hunting Associated lnds 195 (2019) 
Hunttev Palmer Foods 3-65 ocPf J£ 1 1 _46_. 
S-docPf (£<) 62 <2«». 6»dW> 7B-«J 

£35 02)9, 


Rio Tlr.r.j-Hw: Car® PLC Aorantg o^, 
416 20 C»9). 3.335PC A Pt (A}4lS 
L229X3.5PC 6 Pt «T1i imBAASt, as*? 


S'4PcLn 1985-90 £T5*j Ctgi. r*tw 

9':ncLn 1998.2000 (RW*K-1 .N«q 

£104 


tS&^&SS^Iro-io. 93 .(17/91 MINES SOUTH AFRICAN 

Tongaat-Huictti Gp (Rl, MO (21.91 Angtosapl AiWW H4.JGW, 

Total Gp SoePf (£,» 37. 4tjKFVriiDfi CWdcadato (TrawvaaO Coberies CBMOj 
£39 40 (20191. 6 J*S*Dh 198^.90 £74>j«. <oo (17 95 . _ 


7 ‘.PC Ob 1985-90 £76 (21)9). 7\PcLn coromdon Syndicate M0251 66 G2M 
1989-94 £ 6 Di 4 New Centra, Wi LwaW nwM nl Anna flUg 

Towles n OBJ 37 (20191 JSO 117,9; 

Trafaiusr _ House 8«Ln l»»4-99 £*7 ^ Kielnlontolo Piw (KO-25) 30 (17f9» ' 


I— J K 


4i;PC *1987*92 £49 <21 <9). 
79 £170 (209, 


foreign stocks 
( coupons payable London) 


Bulgaria (Nat R«> 4»»cGoldLn 1909 

£•0- — .. -.IJtJa 1 0*0 ifiHTll) 


China (Rep. of, AhPcGaW lid. 19W -Genn) 


American Telephone 6 Telegraph (5161 
£28-'4l (20 91 

Applevard 7pcPf r£1) S3 (17.9) 
Arcuiectric (Hldgs, ANos-vtg iSp, 12 

A^a ’press Hldgs 7'rocPt (£1) 46*; (22 9, 
Argyll Foods Wtstosub 26 7 B 
Ariel Industrial' 2 S»m® 

Arm ltd 9 e Shanks lOpcLn 1989-9* £73 

Armstrong Equipment 6 '^JCPf (£1) 30 


British AJumitiufa SDcPf l£li 30- <22’9) (CL GpeDb 83-88 £73 UU'OI. 6 UpcOIi 
British- Amertcan Tobacco SpcPf (£n 43'- 81-86 £83U (2019) 

6pc2ndPt till S4=;: 7pcLn 1982.87 HU I 7 UpcLn 86-91 £89*4. 7 < 4 peL» 88-95 

£69 * omi. SpcLn S5-90 £76 

£2?"’ Tc *? cco In* lOpcLn 199© lUingworth Morris 6 >H»cP, (£1) 35 <21(91 
1995 £91 ' 4 . 10:-pcLn 1990 95 £9, ’* [Cl S'UCUi 94-2004 £506 1 1 U 
■"*5*2- Brnwutg OpcLn 1993 98 £55 7 UpcUi 86-91 £75 >4 'j u. 8 pcUi B*-9S 

„ _ £75 U t< 6 . lO^ncLn 9,-96 £90U ij 1* 

British Electric Traction GocPI (LI) 54 1 i. 

<20:91 ^ Imperial Foods t.WDD 85-50 £73 l21'9) 

Bj'trih Hmt Stores 7'wcOb 1994 98 Imperial SVocLn 82-65 £35 6 . 6.9BCU 

£66 <17 9i. 9 PCLn igg 2 £132:- S i. 2004-09 £571- ••*. 7-5ocLn 2004-09 

_f ‘ £611;. lO^wLn 90-95 £65 tj *. 

SAIlters 7 bPCDb 1987-93 SscLr 85-90 £79 «; 

£67 (17 9< Inca | SLpcUi 2006 £101'); 21* 

British Printing G.SocPt (£11 4, (17.9). Inco Altov Products llPCDb 96-2001 £83 
7 -Spc P f >£,1 47 <17 91 *17«| 

Br'tisb Shoe Corn Hldgs 6 :;BcPf (£11 iiiwal 5.95pcPf (£1) 56 <22191. SpcLn 


TrutKanMa Pmi.nes 16=:* 2007 £100*< w^rn’orni Urato Out to sub for Or* . 
1 &££rt’ DwriOPment &» <Z«Pf 01J> 670 


Tran wood Go <5P) *■; .. __ 

Trust house Forte 6 -Soc Ob 1984-69 £73 
(72: 9). 6.25PCD8 1985-90 £71. 9 -lpeLn 


... - British Petrotonm 9oc2ndPf OKI, 7* 

1995-2000 £741-. (229, Burmeh Off 7L«ePf «U 67. BscPI «() 

Turner A Newall (toetn 1 W 7-92 £68 53 . 7n J0C Ui 1981-66 £ 67 b 

(2V9). Il'aueLn 1995-2000 £78 Biff Oomo Petroleum 240® (7791 
Turrtlt Corp 6 tmeLn 1M3-86 £73 Duckham (AI««»n*T) 7oCDh 199740 


*M7 ri79* llr S * i,:,ser * 7 '-& cai ’ 1987-92 


Ty^inKk (W.l Son* A Turner 4£: 6. (20.9* £66«j >21‘9) 

Tvzack (Wo Sons i» Turner 451 61 (2019) Global Nature! Heto u rc ca rite® fey Win) 
IJ3M Gt TUPtiOb 1936-91 £59 (17/91 v .SO-QH 460 80 <21-9, ' 

UOS Gu SocDb 1976-83 1 £96 G 0.91 sbril Trammt Trading 5 itociatpr «li 
lOWKDb 1989-94 £87i* (2191 49'i EU 11. 7oc2**dPt (£1) 64 


Egu,pmm 6i '- pcpf * w : 

DrnBds £13 S (MI9). SPcGotoJ-" Aspr^Nleholas SlipeP* (£11 44 (17.-91 

(Dhu brnRlK £10 02131. TieaSUrV nam A -ilrr. U-lHah Pnnlnurl. 1 . TnrPI ff 


(Russ) DrnBds £10 02191. Treasury Notes 
rvickerSLn 19191 £12 3 (ZQ; 9 ). 5 pcGotoLn 
15,11 £17 0019,. Imp CMna 5p*DrijBds 


£13 (21191. SocTlent Puk RlrLn (Lxml 
DrnBds £9 0.0/9) 


DriiBds £9 0019) . .-ru 

Denmark (Kngdm 0(1 ,3B*Ln 2005 £934 

Greece (Kngdm ol) 6ucLii 1928 £42 

FOREIGN STOCKS 
(coupons payable abroad) 

Santos ICltv oO 7peLn 1927 (A n*» 2«N»0 
£69 70 i22!9> 


As pro- Nicholas slipcPf (£11 44 (17.-5, 

Associated British Engineering 7pePf (£1) 
42 (22-9) 

Associated British Foods 6<;ccDb 1981-86 
£871*. 7>*DcDb 1988-93 £701*. Si:DCLn 
1987-2002 fSOp) 251*. 7 >:pcLh 1987- 
2002 iSOp, 3 Z <2 0 91. 7';PCCmrLn 1994- 
2004 £405 (17. 91 

Associated Dairies 9**ccP( (£1, IIS . 

Associated Etecmcal lnds GocDb 1978-83 
£93': ’*- 6J.PCD6 1986-91 £73<: (20-9) 

Associated Fisheries 8l*PcLn 1991-96 

Associated 1 Ldiwt 7'yxin 1989-9 4 £6 7»[ 

Associated Newspapers 6LpcLn 1989-94 
£SO (17.91. 8»4pcLn 1989-94 £59 

A < udlo >> Fkjelltv (10p, 13 1219, 


7-SpcPf i£1i 47 <17 9, *1701 

British Shoe Corp Hldgs 6:;ocPf Ull Initial 5.95pcPf (£1) 56 <22191. SpcLn 
53 : 117 91. 6 : :0C3rdPT (£1) 52 (2Z9L 68-93 £701* *2<K9, 

_7ot Ln 1985-90 £76 imMIM IteU W-H £71 01/91 

Brwktowe S-'.-peDb 19SB 93 £70 Inter SUM Electr Corp S'tiXUt 79-69 £66 

Brooke Bond Go S'jocDb 1980-85 £6fi:- <22-91 

S’tpcLn 2003-08 £451*. 7 k Jackson lOoePI (£1J 86 7 (21I9J 
Ln^OOS-OjB ,£58 iZZIB!. 7,ipcLh 2003~08 Johnson Rrth Brown UpcLn 93-98 £46 

Biwm Beer I Ken- 4pcP( (£11 24 (21. gL JohMon Mattoev 5ocPt i£1) S7'j <2,1191. 

BpcLn 1938 SE £59'. (17-9i 5i-pcDb B3-90 £65 (17i9l. 7LpeOb 

Brawn Bros Cora gpdji 1987 92 £661* 90-95 £71 00>>91 

Brawn (J.i CVocLn 1998.2003 £43 Johnston lOpePf (£1, 91 (17:91 

Bi^w nlee SgcPf __(£10i 325 <17.-9 j Jones SWpman 4-9 dcPI 9 C17/9, 

ampin (A. F.i (5pi Z7 (20 9) Jones Stroud lOpePf c£1» 87 

Burgess Prods (Hldgs) A N-V 38 117 9) Kraft Productions (10oi 22 4 (2*19) 
■wn^AlKtonon rructfl 1983 84 £91 m 

Bunon° r Go C wLrarrts ^25® yj fSl - IRC Inter KtitpCLa 90-95 £M B 

1986 £92i-. BacLn inoRTfura VjSH* Ladbroke Wts to sub 107 8 (22/99. 

(21 91. BLocLn IMBiZOM*^!?.? i^ . 8*Ln 90-92 : £74 
Botl'ra . fi'rpeOb 1982 87 £79 (21 ’a i Laing A wy 72 

T^ 1 ^?!? 0 ^, 422 - 9 ’- 88-93 £61 1> (1719) 


U U% ^ "S V9^83 m £96 (20/91 
lOWKDb 1989-94 £87i* C21*1 
UKO Intntl 6i*pcDb 1964J9 D5!* '»:« 
Ulster Television Noo-V A 78 
Unlgatw S'.ocDb 1963-86 *395 (209,- 


HSa.'tfflS !K. A f (209). PROPERTY 

9 ^?‘pcES CLJ 199 ?^ r™*™ 9ftPcDt». 1992-97 «1| 

CAT l. fZ-’/nt. r/’-CK-Lii 1S92.B7 £80 . n ... 


£6 Hi (23/9). (P-eeLn 1992-97 £60 
Unilever 7oc« «1) 61 (2VJL BbClndPr 
f£1) 771- (22(9). CLocDo 1*K-M 

£79K 51-ocLn 1991-2008 £49>i S0<*. 
7VocLn 1951-2006 £67'* 1: *. 8 »* 
Unj^lntotl -JtoPf (£1) 37 4-3l*S t2,19). 

Uni en Smi Con (Of South Africa) (RDiO) 
UnTroysl 4 Uk05 .138. (K9) 


Allred London Prop. lOaePT Cl] 101 
Hewer 7ocl»1 (£1) 61 «2V9i. Bocanai-r oj 9). 8 >pd.n 1999 £106 
dlj 791- (22(9). Si*"? 0 ®. .-I®®?;?® Ahaatt London Prop. 6 ‘*PCl»tDb 19M4K ■ 

79ft. Sftpctn 1991-201)6 £49*i 90t». £77 mm, 71 .pt lalDb 1990-93 173 

LocLn .1991-2006 £67«< '! *< • ‘j , *42 91. 1 0'; pci StDb , 994-99 1X7 1- 

(en Intntl 6 p*Pf (£1) 37 4-3i*S (21/91. Q 0 : 9 ) - - 


Amatoamatori Estates thpePr (£1) M 
f20i9, 

Ararle Securities Hti-PnDb 1992-97 0741. 
120CDfa 1993-98 £90>! 1 . . 


Utoted Bain Bran Hlitiri 8 '.oclatbh 1986-93 Ctt-j 

£71-ft 2 f17*9>. SUPCLn. -003-08 Hw ) (20,9). BUbcLn 2002-07 £63 


United' Gas Industries lObPCLn 1998-03 

£78 .. _ .... 


Beaumont fttwtrtl d flpctn 1987-97 £71 
t20*n _ _ 


uSi£? ffr B r , B5L , 5r^Sa 45 <12S5 Brad! and Prooertv Trust HHivcPf «T, K)*: 
Uutan (E.) & Sons 26 Q1H1 Twin iMt.n cria 


Utiro Hide® mil 135® 

Vqlar 5'dx-Pf (£11 65 9<: ( 20/91 
Vantone Go 4.9ncP( (£1, 46 (2219) 
Vtokers 5pcPf (£11 64 1 - 


7pcLn 1992-97 £61 A 
British Land 1 5oc1stDt> IB 67 £107*:. T2 b* 
Ln 2002 £275 




BANKS, DISCOUNT ^Fidelity mop, 13 , 219 , m 

Bank. lOftcLn 1985 £103 ^ ft®,*" « »» 

Bank of Ireland (Gov and Co of, 7pcLn A“tomM«l SMurite - (HW 911 SpcCnvLn 

„ wlssaRkaff*” “ ,s 


Letoh Interests lOpcLn B4-8S £W *1 
Lewis Partnership SpcPf ffcll 4 51;. 7 'idc 
P f (£1) 62 (2019) 

Lewft's ,ny Tsx Gi^cDb 815-90 £73 01/9) 
Ln Service Wts to sub 34 6 C2,|9). ipjc 
L n 9Z-97 £69 (XT^i 

Liberty BpcP# (£1) 39ft <22/91. SJpcW 
(£1) 92 C2®(9) . 


Capital Counties 6l*pcl«Ob 1993-96 £H 
(279). 64, pci StDb 1994-99 163-- 


Ihtiltl 7 ftpeLn 1985-91 £75 A^TPCPJ 6W 

CbartertKHise Gp S.75«?ndPf lfll« Ob 1983^8 £77^ iirt . __ 


(20/9). B'-peLn 1990-95 £73 (17/9) 
Guinness Mahon HI 09* BE 1 * K5 

Guinness Peat Gp 4^21^1 ’£1) 42 (21'9) 


Guinness Peat Gp 4^K« .tii1) 42 (2119) 
Hunbras 7pcLn 1985 £&2*j '20/9' 

Hill Samuri Go BpcLn f 989-94 £71 M 


(2119) 

j ocean (Leopold) Hldgs 9i*p«Ln 1997-2002 
£741; (22l9) 

LICYds Bank 7ftocLn 1984 £110 
Lombard North Central 5oc2ndH (£1) 3BI; 


Midland Bank 14pcLn (02-07) £107 
Nat West Bank 7p*Pt i£,} 6H;. ! 
1993 £84 ’4_5 _ 


LCD 611 ;. 9pcLn 


Rea Brothers SO 02(9) 
Royal Bank cf ScotiaiK 


..nk cl Scotland Gp SftpcPf (£1) 
44 (17/9). IlDcPf (£1) BB aZI9l , 
SC'Toders SLpcLn 1997-2002 £73 ft, HZ 
(2119) 


Dfa 1983-88 £77 j 
Ayrshire Metal Products 23 
BAT stores aftpcLn 20Q3-08 £39. fltipeLn 

BM-C Sftpcf^PI (£11 45. BftocDb 1981-85 
£83. 7ncDb 1985-90 £80 74*PcD6 

BLh4C*^tocL? 4 1 998/2003 £41 ’T. 7^t>C 

Ln 1987:92 £56 7ft. BpcLn IBgBJWS 
£52 ft 3 ft A. 7 UpcLn 1982/87 £651; 

BOC^GP 4JSPCPI (£11 52 (22U9I. S.SpC 
2hdPf (£11 39ft (22/9). SftpcOb 1981/ 
IMS £91 ft OOTl. 9pcDb 19B8 £89>s 
(20191. 9ocDb ,990 £90'* <20;9l. IlftPC 
Db 1992 £99d>. 12 UpcLn 2012.17 

(Fp/AL-4/3 831 £98 ft ft. 12UocLn 2012' 
2017 (£ZSPd~ft3«3) £25 ft * “is a 6 ; 

u 


CaAorv SchwePPra 3.-.-pc, stPf (£,» a* iewfs*s Iny Tn fii»cDb W- 
ut3. ‘ 1994/2004 £71 \ (21,gi La* Service WH to sub 34 6 

rUSS 1- " J 988 ^? 3 . 4 ® 3 ** ^ (22.9) 91 Ln 92-97 £69 (21/9i 

' 80 <17-9) Uberty GpcPf (£1, 39ft (X 

Ca keor end. Robey (TOp) 123 JO ,’9) (£1)92 «20«) . 

^ SSaf". A¥ we . Cw * m as 790 MO 121.91 Linteod l2ocLn 60-90 £151 
4b tS29j £1J 43 *jSS« uRi Uwnxwl Dolly Post £dra ! 

SS to uj5‘5 , . > 5 .’ (20WJ LoltoSl MMtand lnds 5® 

1W»6:91 £65 120/9) CftpcLn 83-86 £66 (20/ 
Larcto Engineering Gp 5.95ocPf (£1) 40 B8-91 CIOS IZ2i9) 

Carlinn London Northern 5.4pcPf a 

71 - S1 -^ Pra./nri,. Pos.er , 


vK*m -aperr o- *5 (2?9). SftpcIStOb 1994-99 U): 

Ul v 7 12291 . 9-VocLn 1991-96 £80 1 ft « 21 .fi 

w Central District Prop. BpcLn 1*97-59 

WaddlntiUn (John] SpcPt (£11 49 (21/9) £88 

Wade Potteries lOocPf (£1) 78 (20/9) CentrovMKlal Cat. eftocLti 1998-93 SSh\ 


Walfevr and Staff HWou (5c) 24 
Walker (Thamas) (So) lift (21/9) 


(17 9 ) 

Country New Team Prop. 11 O 0 I 42ft* 


ward (Thos.w.1 9ftpc0b 1992-97 £79ft Craigtoti Combined . Sec. OftpcistDh 19M-. 


V'rrila.eftpcPf <£l) 31 (21.9), 

a>‘i , *i“..fa£leias I ’fe-iii 

Cavenjiam 6ftpc,stPt c*ij 41 1 . , aij0 . 

jar #&(3r 

JlWif sWSjS* * i«J8s 

H,<to ^*SPO-n 1989-93 £68 
^.S ^pcAPr 

Jt£UJ9 ai/9i. 8ocSb 19MJ1 irSx 5 
C«g|l and Shwwooa l6p£)3ll3% b 


APPOINTMENTS 


Chairman for Boston 1 2 * 11 ,“":: 

Trust & Sayings, UK 

Mr Gunther Fritxe has been also be involved In liaison with cookMa <5® d??'ii on 
jpciinted chainnan of BOSTON other organisations, including SS, 1 ? 8 ! ’ 


Liverpool Dolly Pott Echo SpcPf (£1) 36 
(17'9I 

London MMtand lnds 5pcPf (£1) 29. 
GftpcLn 83-86 £66 (20/9). »ftpcLn 
88-91 £1 OS <22191 
London Northern S4pcFf (£11 93 
London Provincial Poster GftpcLn 86-91 
£68 00/9) 

London Brick BocPf (£1) 61*. 14pcLn 
1984 £198 9 

London Cremation lOocPf (£1) 61 (17/9) 
Lonrho T'-pcOb 86-91 £6»ft <2(K9). Soc 
Db 87-92 £731; (22/91. S'.-OcUt 80-83 
£9n.-©_ Do 81-84 £91 ft* 

Lucas lnds TftpcLn 83-68 £75. IO UpcLn 
92-97 £84 (17^91 

MK Electric 7ftpcUi 86-91 £72 ft «7f9t 
MY Dart OOo> 17 9 «17/9l 
Macartiiys PhannaceuCicals 6pcPf (£1> 
*»'- a 2*9) 

McKechnJe Bros lOpcLn 94-99 66i 91 
117/91 

Macohrrson 7 UpcLn 89-94 £99 Ghl/9) 
Mikln Paper Mills 147 (21/9) 

Manganese Bronze BftpcPf i£1) 43 (21/9) 
Manor National Motors lOftpcPf (£11 80 
f. IZocLn 2003 £63 4 _ 

Maple lOftpcLn 98-2002 £ 781* 

Maoctn Webb SlracPf |«I 40 (20191 


(22*91. 11 <4>cUi 2000-05 £6fr>. (22 91 
Warner CommunKaiions lit) £24 (17,91 
Watson (R. Kelvin) lOJSpcpt e£ij 81 
(2019) 

Weber Hldgs (50a) 530 3 S 


1991 £7Bft (17,9) 

Dare* Estates fleet n 1992-97 £68 01,9) 
English Property 9 Unci StDb 19S7-2W2 
£88*. <219). 7ocLn 1998-2003 £30 
<21.9). 12pcLn 2000-05 £93 ai&i ••• 


W^BtoOtofch Siring U.SecP, (£1, 60 


Western Motor Hldos Nmv-V A IS (2219) 
Westland 7'cPcLn 1987-92 £68 (21/9) 
Westwood Dawes 34 7 (21/9) 

Whltecraft a.iocPI (£1 1 43 4 *20,91 
Whiles (Timothy) GftncLn 1983-88 £75. 

BocLn 1986-91 E7Sft (20S) 
Whlttingham (William) (Hldgsi 7ftpcPf 


1987 £79. 7Uoctn 1989-92 £75 ttlt*' 
Ewart New Northern (£H 21 0 l2Q « • 

Five Oaks Invest. 7pc2*xlFv rCD 32 |229) 
Greennaven Sec. 7<SV-Ln 1991-96 £64*.- 
11,7*9) 

w .' a ow ,u 


hlttingham ?Wii|iam) (Htogsi 7ftpcPt 1 A 3 _m'. i tt > ' 

£1^43 a0l9). EpcLn 1992^97 £1DI; 1 M 3of = o3* Pert1 *‘ 135 * **•» 

kf!T*Y 7pcPf (£1) 29 (2119) HamnTer»on_PnDP. 610. _ 


^"ovir 0 ‘ UpCln JW * 4 -” H |S^1^5 , S^5"l|ff , 9 1 ,' 0fi 

Wlllay 9^pcPf r£i i 82 (2119) Hou >9 Praoerty Co. of London -Mol »1o 

Wtiklnron a Riddell (Hldgs) SpcPf (II) '"«■ BulWtogs 3ftoclstOb 1955-85 US* 

»»« iomm*. c«. HtcSSf' , J57£7 3 , *SSu”a’fS 

J*2JSS2' * — ISP* nwo-aoat err. 6-«pcui 1992-97 




I ,, ,UW fl8l » Macuherson TftpcLn 88-94 f 

rSSKESJI tePAlSSfi* f£1 > 75 117 91 Makm Paper Mills 147 (211! 

1 . T _P*P f (£1 ) 76 i21/9) Mangeneee Bronze BftpcPf l£ 

oSPriSLtlSS'nL’ilT'S 'So* too® Manor National Motors lOfti 

rjft ? B *, ,w, urt Hldgs lOftpcLn 1993- >- 13wLn 2003 £63 4 

Maple lOftpcLn 90-2002 £7t 
2 9 .® 5 : 90 676 Mapcta Webb SftpcPf <£ii 4 

cK’rrJ^^. iPu K^ D ^T7o 7 ^ Pf tt1> 63 

C 4^SclTn t 2W,2^ f £Aa i m h! «? 2j9J - Marshall’s Unlwr^l 7 ftpcPf « 

Cgi,ra j (WmS?, WUSr 


99 (20/91 

Winterfcothjm. Stnichan A Plavne SpcPf 
. J. £,} 2*8 <22 9) 


f63‘21'9)_ BftPCLn 199297 £73ft 4. 
5 sPCLh 1983 £258 ( 21 191 


Wlwjs IJfastlt Products M Ool 33 f 20*91 Law Lind 7p«®1stOh 19A9.Q1 cMij (IT'S) 
10flc0,, 1990J9S , TftoeittOb'i 98^91 ^ CT5«r<S9) 

Wrolwind *fH 1 A Son fT»=rpl .J3ft _ . CbuNv Fr ~ *’*«*«» >*«■« 


, 7hjoeTstDb 1986-91 £75ft 0119, 

LPMO" County Free. 6<*pcutDb 1986-95 


V ®91 £6)Vr21W 9PCtn ^3 & S aT Ts,.£*5pcFT <£1l 

13 M W 9ftjt, s«Db 1 997-2002 £83ft. 1 2uc 
xernc. .corp nil <120 . IStDh 5017 (CKnHI tvri .. -l ■*-* « 


Mr Gunther Fritze has been 
appointed chainnan of BOSTON 
TRUST AND SAVINGS, UK con- 
sumer finance subsidiary of the 
First National Bank of Boston. 
He is a first vice-president and 
general manager of the First 
National Bank of Boston in the 
UK. 


the Broadcasting Complaints I couraow* tHUcqV ’“ag!*? 1 


Commission. BPJjPXa.Tfc 

If «*i ft 2 ft ft. t ■ l 4pcLit 2000-03 £ 63 i. 

Miss Elizabeth LleweDyu- 

mlth has been annointed denutv U.-* ip»»pcPf rail 103 izi/ai 


Smith has been appointed deputy ^he4£^T :, torI5 ,, »i- 0 [ 3 'fJ,'? 1 . 

director general of FAIR TRAD- ,ntnl ^ t£1) 54 

ING. The joins the Office of cS^u^S 1 s5aJ , ?gWSi da 


Marshall’s Uplveml 7 ftpcPf (£1) 99 (17J9) 
May Has«HI 6*jcPf (£11 JOft (17/91. 9Loc 
Db 92-97 £715: CTO'S! 

Mecca LeHuro BftocDb 80-85 £05 (17/91. 

7pcDb 05-90 £75 U (2«9i 
M eOlns i5p) 7ft. lOocPf 20 rt7/9) 

Metal Box lOftpcLn 1992-97 £82 ft (2119) 
Metal Ctomires BpcPf i£1) 40ft 
Michel In Tvre 6ft ocDb 1984-89 £751 ftt 
Mite Red fem GftpcLn 1987-97 £43 

10191 

Mitchell Colt* 13pCLn 7 990-95 £92 
Monsanto SftocLn 1992-97 £54 (20191. 
SpcLn 1982-86 £154 (22/91 
Moruan Crucible 9'tocDb 1995-2000 £831* 
(2019) 

MUSS -Bros *20p) 140 (22/9) 

Mount Charlotte BftpeLn 1995-2000 

Multi tone Electronics 170 2 4 


y "rinhlr- ChemteaU J 2 J.-ocLn F907-92 
C90 1 ; 4ft 


FINANCIAL TRUSTS 


*Wra Home Hldos lOucLn IB 90-91 £51 
American Express 00.60) £28 ft 


JR 7 ** ‘l ^ BfcLii 
7(^05 £66:-. flftpcLit LMV20B0 £69 
McK*v Securities *20 ih 1 15d 
Mucktow rA. J.) 7pcPT <*i) 46 
N £94i- DftuCLn 199* 

"SS-p-i BeMhr 9pc1«Ob 1988-91 £94 


HWw (£1) 66 P KffT tT HMs * 1™** BWai 2001-08 

Arpyle Tst Wts to sub 9 (2219, £97 1 * 

B.0.T. Omnlbto Services 5ftoc2ndPf (£1) P TS^*‘^ V Secunfy Trust BpcPf (£1) 77 


Bjraihgltem Gist I try Tst 4I-PCPI (£1) 36i R«MLProo. HkfBS. BtriKtn. 1987-97 £7) 
Britannia Arrow, Hldos Wts to sub 12 "ti'fble Prop. 55 Ql/BI 


(20/91. BftpcPf (£11 51ft (21/9) 
Canal- Randolph Caron SI) £23 


S ( 2 o"? Estates BpcIttOb. 1988-93 C7I 


Credit Fonder De France 14ft pcLn 2007 J«»n City 14pcLn 1994-99 £H3 4 ■- 


(Rep) £11 Oft. 4ft (22/9) . T ?22 5”^!? Securities BpcLn 1996-2000 

Oedlt NaUonal 13IUK 1989 (R«i»£T0Sft« _£95 (20 91 

Dglto Ma!l GawttWl Tht (50a) 393 8. Spc T ^S^<l,ltork Estates OocIstDb 1991-M 


T SS Securities SpcLn 1 996-2000 


N—O— P 


Fair Trading from the Depart- £££££ tiTrei 

BOWATER HILLS has formed jnent of Trade where for the past ««« wg 25 ... sftpc 

a new board with the appoint- four years she was in charge of drg 7ftSLr?3M^ 'S? 3 
meat of Mr Michael Real, finance the companies division. A D , a, # r < 3!4r^” 2 «” eu^ob 

director, and BIr Brian Donner, number of her previous Civil us mn. * e.icol “imb-bs B £gJ 


NSS t N^SSSSJ*, <*» 90 (21/9) 
Nash Indnsules 39 * 

fiuttonalg Medical , Enterprtsas (30.03) 


Nooie Lund CiOn, 10ft (1719) 

Norcna SpcPf (£1 ) 53ft. 7ftpcLn 1 977-82 


£100 (17(9). 14 pcLn 1994 £106 
iartbern Englnarino Industries S-375PC 


Pf ,l£1) 55 02/9). HJipcMUD 85>x. 
lOftBCDb 1989-94 £84*« (L7I91. BftpcLn 
1988-93 £73 ft . 9pcLa ,990-95 £77»* 


ment of Mr Michael Real, finance me companies (umaon. A "aSfnTO. W^VanSW""'" 

director and BIr Brian Donner. number of her previous Civil ssa ( 21 9). 6i-pcOb naS-gs Nocttieni feiwiMriM industries 5 j75pc 
sales and marketing director. Service posts have involved work eU^- ( £75>3 ° 7 ^ ^ £«^ aT/gi^ate^ui 

± on policies to promote competi- D "‘* 1 B> «»" s>,pcPf oVie, (£i> ^ £7s«i. 9pcLd , 990-95 £ 77 ** 

Mr EL R- Jeynes, formerly tion and protect consumers. In gfjwort modi iss ( 22:91 N ,S5J5T" h 7 isaLcD 8 ^! 3 (Toft? 1 

senior partner of Price Water- particular, she was m charge of “tSSSSSo* 5 jM 1 cJg^' 83 Noratfe H^Hins. ifftSpf issB ai) 

house in Birmingham and the .. prep ^ Uo ° . oE ?* fc ®5 r ’fai4) £6 7j*d. l ^ , Sito? 2 lS5 **A »* NltAiSm’Mf^ifitrtwing GftocLn 1993 - 

West Midlands, has been Trading Act under which the Ln 1993 . 9 B eSt?, 2002 " 07 £8S - 1,pc JJ 8 ^ « 
appointed a non-executive Office of Fair Trading was set up g*j=« So^ilSaodPf*®! 33 1 (ir« of^.nia C iRed»Q?i^ 2 op) zb 
director of JOSEPH WEBB. 1973. She succeeds Mr E. J. D. ?iSS°f’, 9 A|^f 7 J iav«iib 'oil. “sSgj tSJra,,0, ’ ^Vocnb-iwa-u M 7 ft 

* Wame, who becomes secretary of IgFavif a7 '* y 7 -spcut iM^ag 7 ^. 1988-93 £63 

Mr George Howard, chairman the institute of Chartered Bpw < h, 0b»J sjspcw ced 46 plrkuod TextiiltKkiss) bakpi ud zb ft 

of the BBC, Mr Aubrey Singer, Accountants in England and g^^'g.jSS'^oopJ JJWa pIm. zochooi. io«pf t£i) ioe aim 

managing director BBC tele- Wales at the end of the year. Miss {*S, f W u »5S» lam-lT’iSr 36 9i p ??S., wh,l “ 6 ‘*’ >c0b V*-" 


« (50w 20 (22/9) , £79 ,17(9) ' 

£««» HTL OA1) 158 (20/9) UR Prop. 8ftpct.ii 2000-05 £72 CWL^I 

Exploration (Sp, 390 400 . Warner Etta to lOftpcPf C£1) 9 ?i <20 91 

Tit . Wdta to ttlb 9 (1719) ..?'.ra ci*i 1991-96 £60 (17 9) 

17ftPcLn ,995 £100 w«ti b iJopeblO BpcDb 1985-90 £75 H7 9I 

TOi^.5mJS?Sa*f* , { 7, ^ B , W"«gE ,, S , »5 T** 51 ^***" 98 * 

n i l 987 N £12S*(17^) ,rtttf * ,HWbw ’ i, »P u -n W S5 n n7flj Pto ®- 6‘nwlttDb ‘ 1 BOO-OS 


F C Enterprise Tit Wats to sub 9 (17/9) 
FJnffbSro, Finance 17'jpcLn 1995 £100 
First Notional Finance Wts to sub 1975 
1 <21/91. 9'TPcLn 1992 £7>ft 31- 


Goffllc^Durrant Murray 3-5ocPf (50p1 16ft 


Gresham ^invest Tst 105 6 7 8 9 
Hambro Trt 60CPI (£1) 47ftbs ft. 


PLANTATIONS 


(2219) 

Northern Foods 7PcOb 1900-63 £87 ft 
H7/9I. 7ftpcDb 1985-90 £7B (2019) 
Nonvest Holst Hldgs llftpcPt 1988 (£1) 

97 ft: 8: (17,9) 

Notungham Manuftatarlng GftpcLn 1993- 

98 ilU <20/91 

Oceana Consol Ida led. 57 


UoydS Scottish I2DCJ 155 121/9) 
London Assoc Inv Ttt (10p) 7ft« 


jamuo*. «s»oc inv lot iiupi loivrood Rubber (£1) L31MM1 - • 

of mi Europe,n 10'racLn 1993. £70 "«* jtowii Kajang Ri*J«- n M 0 p) 322 


ZSs ^ c 


Olymola iRedacrei <20 p) 26 

Osborn (Samuefj 7ft pcDb .1993-98 £6 7 ft 


(21191 . 6 C2D9) 

Metric Construction SpcPf <£1) J»M«» (JOp) 33 0291. ' 

.. 3S «»7tol _ - Robber Eat* (lop) 103 (229) 


** I»gai ... riinsa neiiaa Rubber Eat* tiopl 103 (229) 

Newmarket Company (1»8„ «O.05»27«b -fgJJ 

•mr *— 7ta,,eMtB0b ,bbo - 95 170 ■saff. 8 R B asr w (5Bi 6 7 m- 


^za^'Ta Twh,lo,w Wl * ta sSEPbSiSS^ 


vision, and Lord Thomson of 
Monifieth, chairman of the IB A, 
have become vice-presidents of 
the ROYAL TELEVISION 
SOCIETY. These appointments 
follow the retirement of Lord 


Lleweliyn-Smitb takes up her R^r tr 7 ®i n ® 

new duties on October 4. 

* ssaruSfn&ra Tt,, 

Senor Miguel Jai Duaso of «4> 

Catalonia has been elected presi- £87\? ai 9 aiii). ^irfjb^iSes- 

dent of CIFCA, the international Tertte 6 , aPcPf ^ 


«17(9> 

Pavilion Leisure Hldgs (IOp) 11 
Pearson Long roan 5 ftpcLn 1988 


Van Diemen’s Land A 47 

yule Catio IVzPcPt 1 998-2003 (£11 TOS 


395 

Its (IOp) 137 


Dundpnlan 11 ftpcPf (£11 176 

Duntdll Hldflt 4.2pcPt (£11 44 7ft! <21*9) 

Dunlop HldBS SftpcPf f£1) 44 (22 Qi. 

C71 V 7pcDb 1988-93 
(T7iaj at alra>- 7,=Be ° b 1985-50 £73 
Dunlop Textiles 6'apcPf (£1) 48 


Thorneycroft, Sir Ian Trelhowan, confederation of refrigeration 


Pearson Longman SftpeLn 1988-93 £56 ft 
■2219). 6ftRcLn 1988-93 £83 122191 
Pearson (SI. Son SpcPf <£1) 36_72oi9). 


INSURANCE ’ C p7 B gj|y'J5a?gJ 7 i*pcpm ncia> 3» «■ 

C 200? , S 11 44ft“ A *“ r *" c * s l* w 1989- 0 cS5jS5 md t *“ ehK R*lh»ar XpeDb HW 
General Am Fire Ufe Asses SftpcPf (£1) Quebec Centro, Railway Db £32 ft f 17/9) 


RAILWAYS 


Pearson (S). Son SpcPf <£1> 36_(20I9). 
lOfePCLn 2001-05 £8Sft. lOftpcLn 
19 ft- 9 8 £59 - 

Pesler-Hattersloy 7‘iDcLn 1989-94 £58 
02(9)_.. , . 


Pantos DM (20p) 14 4/17/9). 13pcLn 


Lord WimUeshaxa and Sir Brian 
Young at the end of their term of 
office. 

* 

MARTIN-BLACK has appointed 
Mr Alexander B. Macmillan as a 
non-executive director from 
October 1. When he recently 
retired he was the chief general 
manager of the Clydesdale Bank. 

Mr David Carruthers, pre- 


and air conditioning contractors. 
★ ■ 

Hr P. E Blackburn and Sir 
R. A. Kaner have been appointed 
directors of ROWNTREE 
MACKINTOSH. 

★ 

Mr Peter A. Coles has joined 
the board of MYSON GROUP as 
a non-executive director. He 
recently retired as the director 
of Building Services Research 


viously a Turner and Newall and Information Association. 


corporate general manager, has 
been appointed a director of 
TURNER AND NEWALL from 
October L 

* 

Mr Matthew Hardi ng has 
joined the boards of B ENFIELD, 
LOVICK AND REES (HOLD- 
1NFGS) and BENFIELD, LOVICK 
AND REES AND CO. Mr David 
Stratton has joined the board of 
Benfleld. Lovick and Rees and 
Co. 

■k 

Two new chief assistants have 
been appointed to the television 
division at the INDEPENDENT 


BROADCASTING AUTHORITY, director 


Mr R. F. Colegate has been 
appointed an executive director 
of WILLIS FABER AND DUMAS. 
* 

Mrs Hilary Langley is to 
become the next secretary to the 
OCCUPATIONAL PENSIONS 
BOARD' and controller of the 
board's executive office. She 
succeeds Miss Margaret Grainger 
who retires from the civil service 
at the end of October. 

* 

Mr Nicholas Wheeler has been 
appointed European finance 
ATLANTA, Slough. He was 


E— F 

E.R.F. (HhftoJ lOpePf (£1) 77(1 (21/9) 
EjUHKKHl U. BJ lDftpcDb 1994-99 £85U 

80 

i:iss ffi s«, ,99 °- 95 « 7U 

Elys (WlmblMoii) 225 (2 19) - 
Emms (Theodora) (IOp) 157 (20/9) 

Empire Stores (Bradford) 8-'*pcDb 1991-95 
£74 (21/9) • 

Emstev Oalm) iMsbcPT C£1) 16 C22t9) 
English China daw BftocDb £75 ft (17)9). 
7 pcLn £62. 7'.-®clji £69ft 

English Electric flocOtl £891*. 7pcDb 
£76'* (22.91 

EnUlibui- jewellery (5p) 80. 11-SocPf 
(£1) 88 C!29) _ 

Express Dairy Prop. SftBClstOb 79-84 

F?M?C* ^^aocpf (£1) 54 (21.9) 

Fakdale Textiles (5p) 19 (21.91- A N.v. 

Fenner "(J* S.)’'%(dBS-» 3A5pcP( (£1) 39 
(21.9) 


1990 £68 ai/H) 

Pfizer 5,1 119 570ft 
PhlCDRi BpcPf (fill 73 5 
Pirelli General 7pc 2ndDb 1906-9, £70 
120191 

Plttxrd PftPCPT (£11 82 (21/?) . 

Plesxey 7ftpcDb 1992-97 £6Sft ft. (21I9J 


OTfe/ WaSW* C73 '*-. 

*sq '\ s mTwrinrMn- 

London Assurance 4pcPf (£1) 2S 7ft <22/91 


SHIPPING 


E (S5aS“ U " e3 61 -® cPM (A1J 49ftl 5« 


Pleney 7ftPCDb 1992-97 669*« - J,. (21I9I 
Poly mark internal New PM A. (£1) 120 
_ 121/9) . 


W» ^^ot,nc Toon tpi *$£5? 

M A3 1 : 5tSkS^ S .ow and SOP on rtf 


S««Wi Ufe Assurance ZftpcLa 1997-2002 


Portals HMB> giuSCLn 1994-2000 £147 9 

■77101 

Portland HUBS 320.50 1 0 (21/91 
Powell Duitnrn 4 **pcP( <59H } «I 7 -I5 tU9, 


£5Bft <20/91 

AssBTOnce 5 pc £39 ft (1719) 
5 190 O-aS , M 6 ft OI,dO " GftpcLn 


aay Bb | «v Miff SOE RM Stem W* 


Pratt lF.1 Em. 7ftecUi 1987-92 £50 
Press Taels nop) 33 (2219) 

Prats iwinuim hop, 6i S 
Puihma <R- J.) 7pc/»f (20B) ID 


Ferranti S.CtocIttPf <£1) 61 00/91. 3^pe 
2ndPf (£1?40 OIS) 

F IsonS BftpeDb 1904-89 £75 ft (17.9). 
5-ftKLn 2004-09 £*7ft . 


Filch Lovell SijbcPf (41) *9*i0 SOi*. 
7'*PCLn 1992-2007- £80 1 


Pollniao <R. J.l 7pc/»f <20to 10 
Q - R— S 

RHP Groujj BocLn 1984 £86 
RTD lr£O.20 l£0.19 (2018) 

Rank Oro. BftpcPf (£1) S'i-,, S'?PjLti 
1995 £59- BpcLn 1988-93 £72. iQftpc 

Ln 1997-2002 £84 ft 5 ft, 

Ranks Havu - McDougall 8pc IstPf (£1) 
3H7. 6nc APt (£1 j SI 2. BPC SP, 
ifilf SO (22/91. GtecLnJ W6-M £76S 
ft. GftpcLn 1983-88 677 <22/91. 7ft 
Ln 1981-86 £66 <17/9). 8 ft»cLn 1990 -9 4 
£72 3ft (2019). aftOCLA 1991*95 £76 ft 

Rnulfv ft. 5.) 16 (21/9) 

Raybeck 10 ftpcPf (£1) 96 


INVESTMENT TRUSTS 

AJrantoon Tst 4pcPf <£1> 31ft 2ft (22(9) 
A .«Kf 4pcW £31 *17/91. SpcPf £40 ft 
.'.17/9 ■■ 3l*PCDb 1980-85 £87 ? 


UTTLITiES 

“Jj^^tambla Electric 4ftpcBdt (SC 1 00 1 
CtocuroT|lect Sopply (India) Etroltv (RolO, 


Alv» Investment 235t 


Sftpcpli 1987-82 £67 <21/91 
Utitoro Japan Wts to sab 26 (17191 
nS«?h 4 «25i7 19 f- 3 4217 (22/9) . 

^?08 l20w“ n GtM * n, * D * L " 199 °- 9S 
"SS Assets A SpcPf £40 
£££?> Sen invest 5»ePf £39 . 

Caoltar Gearing 46 


M«ey, Dock* Harbour 
3. 3l*ncDb 1974 


mbUn»S;3in 

655ft 


A “! 3. 3i*pcDb 1974/84 £B5ft 

|^^”eSck 4 i9Sm3^ 


r 1955-88 £76: caorcar Gearlng'46 •’ WATERWORKS 

eft^L^sbQ-M Ce5ar na, |JiSif* 4£^Db 4 °Tbfi 3 . u £«8ft l «Bg lw y_ and Dirt Water auapcFt * 2 * 
r i99i*95 aisft iziraj. .a^un zo^s fiTIo “ **** ^£S i \uSSSSLJ! a ?‘Sl.SlSL , £A s tia 


RBwIlton -Bv-oePi (1R£1) 16023 
Fobcl Hitnl- BpcLn 1989*93 £58 


Folkes (John) Hefp <So) 1.3'i 1209) 
Ford Intnl. Can. Corp SpcLn 1991-8, 


Ford Intnl. Can. C_— . 

Form luster lOiatoPf (£f) 99>1® 
Forte Hldgs 4.8peOb 1968-93 £ 


1988-93 £58 (20/9) 
*5pJ 13ft (209) 
rp SpcLn 1981-87 £70 


Reidrcut Internal SftpcPf (£1) 32 (20/9) 
Reckltt Caiman SpcPf (£1) 45ft- BftpcDb 
1983-90 £76 (20191 _ „ 

Rediesrn National Glass 7ucPf (£1* 30 s 

IMtond 7<tpc0fa 1990-SS £73 ft «2/9) 


«7ira/. OpfiLfi i 2000-05 £170 

o, "»' M*S’ mbsshs®?*^, 

CdbtKrBh ArnniGu Aon. .i^icPr £36 1982.04* Mb’ H l.'n^’fncEft’&Ill* 


Bristol Waterw o rks 3,3p 
(22.09). 3.8Gpc<Fm/y3 1 


Dfa 1983-08 £741* w*>h *-*Km 
T98S-90 £76.-4 7 (17191 
Forward Technotopy Induct OpCLn 1985-90 
£37 (2019) 

Foseee Mlniep &ftoc2rWPf ,13 (22i 9l. 

lOpcLn 1990-95 £1006 . 

Fronds Irdiftt 9peLn 1994-99 £59ft SO 
Francis Ptricer 7’jpd.n 10^-08 £69' > 
Future Hldgs 9W 


108-93 £56. 6.1 pc 
GW9J. 7.7ucDb 


Reed (Austin) 105 7 i2DI3) , _ 

Reed Intntl SpcPf (£1) “Sift. JUspeC"" 
Red Pf «1) 844. SLpcDfa 1983-88 *78 
(17/9). BpcOb 1979-54 £92 (2219). 

7i*pcDb 1987-92 £71 ft (30/9). 7ftPcDb 
1990-95 £70 ft «1/9). SftPdJi X42 
(2019). 7ocLn 1987^92 £64. 7ftPCLn 
£S7. TftpcUr 1996-2001 £65 (21191. 
1 OKLn 2004-09 £801* 1 ft ft 
Rend Putrlixfilng Hldgs 3'tocDb 1983-88 


<21/91 '■■an.rr wo ^uin* MS Ul.SI. JDCUD — 

Moi2i/3r Db “ 4 - - C ii#84 rsssr* 


1981-86 £80 (21 J9) ^ - 197964 £860 „ 

■SEES* sap 1983 j" 

vSSJnSSflh American 3-tiKDh 1874414 


F £a3 l ^1»7* r,e> " ,n ' ****** 1975-86 


lOncLn 2004-09 £S0ft 1 ft ft 
Read PubJiifalng Hldgs 3'tocDfa 1983-1 
£91 1 <31/9>. GirfcOb 1983-89 £77 


1 in view of increased work with 
the arrival of Channel 4 and 
Breakfast-time Television and 
with future cable and satellite 
developments— and following the 
retirement of the present chief 
assistant, Mr Penry Jones, at the 
end of this month. They are 
Miss Clare MulhoIIand, at present 
the' authority's regional officer 
for tbe Midlands, and Mr Stephen 
Murphy, who is already working 


SdENTIFIC- 


formerfy group finance director 
of Simon-TR Holdings. 

* 

Mr Robin Spiro has resigned 
as a director and non executive 
chairman of GREENGARDEN 
INVESTMENTS and all Group 
and associated companies to 
devote full time to his family 
business. 

* 

Mr Michael Welsh, member of 


S.B. Proof's '21 {239, . . _ 

cec-si/tott AMomw/oolMto^ 1M5-90 
£70ft (20/9). . 6ftpc0b 1901-8* £83ft 

22J9I . . ' . 


G.R. (HldOS, lOftKZodff tfD 96* 

G*unt OlowlMid) 40i (2ft* 

Ononti Elecmc BpcLn 1?79^W *W;’* t . 
7 UpcLn 1987-92 *7S, ’SS 8 ^ 3 

£74. Flto Rate Cap Nts 1M6 £1»lft 


(2119). BocDb 1992-96 £73 02191. 
4<;pcLn 2004-09 £35 ft. SpcLn 1999-2004 

R p| yon 7ftpc ftn 1956-9) £71 
Romia GpcPf (£1) 38ft (17/9). SocOb 
1991*98 £711*. 7ftPCLn 1992-97 £55 8 
Rexmore ISpePf 1991-92 (£1J 105 
Rockwara 7ocDb 1988-93 £S7ft (17/9)* 
SpCLil 1995-99 £65 02/9) 

Ropner lUsKPf (£1) 111 i22/9) 


FlteMM Mercs Mito Illy Trust 4ncPf (£ll 

S^^S^Ms’xaz <aB,w - 4upeD6 

SSTW* JMiraff-Ae 


5,a,CDh ls74 ' <!4 

i IB St, %r* an ,wm * ifeffinkv 'J&E. ^ 

«iV%^cnc£u v s T wAsm 

. 4> :K Db 1983 £92 JJtolySse) *32 • (i» m. 23 f*X %. 

ton and Col Invert Turn- PLC SscM - 

^Waffle *«**£ 

i*A 3 TrBSl 5>iBcn ' MflriflHooB 1 *' Water 4.025pe(FmW’*P e1 ^ 


95 £114'; . 

S* 1 * Tnat ^ S'**™ 


5J{ V ■ 


General Etoc o*era .Csp Cons 5'aocLn 
1983-93 £106 OX*) _ 

General Instromem Caw *S1),g0ft 


Rooner HJ-pcar (£1) 111 (22/9) 

Rotarii gitocPf (£11 BO (2019) 

Royrotreo Mzeklntnsli 6pcittPf (£1) 49 

SW4 **” “• ?,tfe3p3M 


General Motors CWP (3)1> ^*®ft (17'9) 
Gestetner Hldgs SO. oa-9). Old C»45. 
A (N.V.l Cto 48 .9 (2±19). lOpcLn 


1990-95 £76 (ZOfl) 
Glanfleld LNiraitC* B 
Glaxo Grp 6ftBCftn . 1 


Rowtsn Hotel AhpcPt fl! 1 i 28 <21/9 > 
Hugbv Portland cement SpcLn 1993-98 
«6 g 7 (21/9). 7ftPCLa 1993-98 £65 

Salniteiry (J.) BftpcIrtOb 1988-93 £72 
fJ.7/9). 7i*pc1stnb 1987.92 £741* 

(22191. SpclYYdLn £621* 02W 
Sateort *H J (25 b, 185 Q0/9L Sftpc 
.1»tp6 1985-90 £73’a (11W 
Sanderson Murray Ddw (Hldgs) C50t» 33 

Sangers. Gp 7<ipcPf <£1) 29 Q0I9) 

SPStri 1988-63 £66 ft (20101 
Satintii Agricultural Industries SftpeLn 
,994-59 £42; tn/9, 

Swra HldBS 71-pcPf (£1) sc. 7peAPf (CD 
aai 99 ,2ft9 >- VltoCLP ; 

BftpcPf (22/91 


JftpeLn 1993*98 £65 


on television policy at the ISA's the European Parliament for 


headquarters. Miss Mulholland’s 
main area of activity will be the 
supervision of the output of 
drama and acquired fiction. Mr 
Murphy will bo mainly respon- 
sih’e for ih* eutput 


Lancashire Central, and Mr 
Donald Pearse, for many years a 
partner and now a consultant 
with stockbrokers Fielding* 
Newson Smith and Co., have been 
annninfpfl nnn-ex , v*utive diretet'"*' 


Gl*xo Htoas 7l2pC,Lr 1985 *795 0 7 * 
Glrnwrad (Hinl 7Vpe Pf , ( C1J M l U'W - 
lOftpcLn 1994-99 £82 C2Z/9), SpcLn 

1983-85 £78 ft . ... , 

Gnome PtiatoorauWc Ptod* (IOp) 58 


Gnome Ptiatoorapmc raou* uwi w 

Ganmi l Hlddc 3-WcFf (SI) 33 (21 91 
Goodwin (IOp) 12 f21/W 
Gordon Hotels SJsjePJ 38 117(9) 
Grampian Hldos 7p«Pf ttU SO 
Grsrd M«f:oofl'ln fl-ai'P' (£ii 41 
.*-*' **•*■ *11. * r'?' rai- 


(£11 43 <31 W ■ ■ fi«yis «W (JV9’ K . 

0 i l fe^f^s“=oSr,iKL»»?sa ‘3.**"" 

_ 9S. Sl.l ltij . ^ 1KLn Mid Kant Witcr 4.55peyto«!^»WSEf , . 

fireen/rfar. fnymenc, Co PLC Wrto to 125 3 ’' 5 * £87 (21.9), epef* V ' 
mb tor Ord 3* v-'"9) ! E98ft: loss ( 20 ». 9pcPt IMSSIW* v . 

Hsmbros . lu rail mem Trou prr s-x-pr J17-9) ... _ _ . . . r« . 

(£U. 30 ft cn/9). Iftdb nmSE WWtr 5£Bc!PmlySpe) 

(20(9) |*i' 

Inveitiwe nt Trntt of Guernsey <sod) gi,; *55®!!!*** w *** r 

1 1222 G^raC inrottnite 'ffiSo* CMHMd .Ms - AJMK 


investment Trust of Guernsey £Mo) ftgi 3 ; 

Wf • - . -e ; , 

Jmvr General Investment Trust SftoePf 
(£1 37 Q2f9) _ 

Lake W#te imanM Pm pic 6«dP 1 
£40 (1719) - . 

L Sff ,, K«S l lA' s ^Jf*E5S2£ soc 

Db 1980,54', £99- 00/9* 

London . Trust' PLC TSftpeOb 2900-04 
£1« 

MMrttooWtsn Trntt PLC ZftpeOb 1975rta 

£03 . _ - : - . • 


£440. s.spcff £35ft 7 02/9). ■ 4 r fla .* c . 
Pt 1982-84 £88 P17J9) . - *i* 


Midland Trart. PLC <25o» 108 
M inertia 

150.10 910*»f fiiv*' «?■» - 
HiTf** C»l-W*~'." I" 
p* nr-i *• 


Pt 1982-84 £88 P17») . 

Np. Surrey WV. 4.tocB £47 MM-. 

£»S. 5-425ocPf iWMe gMft ‘llalr '. 
Povtsmeatn -Wte. S^pc £3« <30nil-,*eBS 
K\9o2r9* £0S>; <17W). 14poDb_1»P» . 

Rldcraitosirartii Uitfaridge V* 

10®7-®s Ot a™. 7prpl jfffJLJS.. . 
£2119). 9ocPt 19»5 £l03to^ . 

e, .~ra itel-U.UT . 

Wtr. sane 8 SAA . 

'VZfi’jgg' ■ 

. - ,*-. * •*• <M|>. (21<»' 

.»t 

• > •• . ' . -.««• .V-. 





FT UNIT TRUST INFORMATION SERVICE 


irtrl 


L'.ml 


MONEY MARKETS 

lIK'elesrlhg'liuik.'tase lending 
■ . rate I8J per cent 
(since August 30 and 31) 

Interest rates were' a Httle 
easier in -London yesterday. Hie 
market was encouraged by a 
slight fell in the . rates at which 
the Bank of England- arranged 
repurchase agreements. This was 
taken generally as a small; step 
in the right direction and 
strengthened market conviction 
that' clearing bank base rates 
were destined for a fall in the 
next month. The fall in rates 
coupled with. ..the Bank of 
England's generous assistance 
saw interbank base rates ease 
a little. 'Weekend money opened 
at 10J-11 per cent and ceased' to 
101 per cent after the Bank’s 
assistance before rising briefly 
(o 12} per rent. Cosing .balances 
were taken nearer 7 per cent 
however. 

The Bank forecast a shortage 
of £550m with factors affecting 
the market including bills matur- 
ing in official hands and a net 
take up of Treasury bills -278m 
and a rise in the note circulation 
nf £220m. This was partly offset 
by Exchequer transactions of 
+ £S0m. The Bank , gave assist- 
ance in the morning of £621 m. 


-having revised the forecast to a 
shortage of £600m. The. help 
comprised purchases of £lm of 
Treasury bills and £46m .of 
eligible hank bills in band 1 (up 
to 14 days) at 10| per cent and 
in band 2 (15-33 days! £lm of 
Treasury bills and £11 Sm of 
eligible bank bills at 10} per 
cent In band 3 (34-63 days) it 
bought £lm of Treasury bills and 
£L8m of eligible bank bills at lOf 
per cent and' in band 4 £15 m of 
eligible bank bills at 10} per 
cent Repurchase agreements 
were arranged on £426m of bills 
at lOft-lOi per cent unwinding 
on October 29. There was no 
further assistance in the after- 
noon. 

The average rate of discount 
at * the .weekly Treasury bill 
tender fell to S.9670 per cent 
from 10.0701 per cent with the 
£100m of hills' on offer attracting 
bids of £394. 72m compared with 
£366 .02m the previous week. The 
minimum accepted bid was 
£97.505 for 91 day bills. £97.48 
for 92-day bills and £97.455 for 
93-day bills. The tender was split 
in such a way because of matur- 
ing dates straddling the Christ- 
mas break. 


currencies 

The dollar was quite firm in 
currency markets yesterday. 
News that a Japanese bank had 
sustained foreign exchange 
losses tended to boost the dollar 
in thin trading ahead of the 
weekend while softer West Ger- 
man rates were also a contribu- 
tory factor. The dollar closed at 
a five-year high against the yen 
at Y266.35 up from Y264.S0 and 
DM 2_5145 from DM 2.5100. It 
was also at a one-year high 
against the Swiss 'franc " at 
SwFr 2.1645 from SwFr 2,1500. 


On Bank of England figures, the 
dollar's index rose to 123.1 
The pound was unchanged on 
the day. Its trade weighted 
index finished the same as 
Thursday's close at 91.8, having 
stood at 91.9 at noon and 91.8 in 
the morning. Against the : dollar 
it traded between $1.7035 and 
$1.7105 before finishing at 
Sl.7075-1.7085. a fall of SO 
points. Against the D-mark it 
finished unchanged at DM 4.2350 
and SwFr 3.6950 compared with 
SwFr 3.68. 


Menoa U*tt Trust I 

faZ.LonfeaWin, EC2R7DQ 
Aodcnso U.T KS6.9 


THE POUND SPOT AND FORWARD 


U.S. . 1.7035-1.7105 T.707S-1. 7085 0.05-0.1 0c db 
Canada 2.1000-2.1075 2.T040-2.T060 0.40-0. 60c da 
Nathlnd. 4.6B , r-4.72»i 4.69V4.'nH, IVIc pm 

Bolqium 83.00-83.00 83.00-83.10 7-17c db 

Danmark 1501-15.06 1502-15.03 nV13 3 «ar<i dfc 

1.2540-1 -2580 1.2565-1-2575 0 -42-O.Glp db 
4.28-4.31 4.284.30 1 V 7 «pf pm 


Norway 11.84-17.88 
France 12 . 08 - 12.16 
Sweden 10.67-10.71 
Japan 4S2-457 
Austria 30-10-3030 
Switz. 3.&7V3-TO 1 * 


11.86-11.87 

12.10V1Z-13 

10.70-10.71 

454V455*t 

30.18-30.23 

3.69-3-70 


% Three 

One month p.a. months 

0.05-0.1 Oc db -0.53 0.42-OJ2dte ■ 

0.40-0. 60c db -2.5S 7.33-1. 43d la ■ 

IVIepm 3.19 3V3*» pm 

7»17cdb —1.73 45-55 db ■ 

11V13’«ore db -ions 25V28 T i dis ■ 

0 .42-0.61 P db -4^04 1 29-1.47dte - 

IV’ipf pm 3.14 3V3 pm 

140-350C db -19.64 375-1050db - 

140-T75C db —9.74 575-675dis - 

14-17 lira db -7.69 54-58 db 

ZV3 J »o« die -3-10 11V1ZN 4b ■ 

S^-Slic dla -7.87 2SV30 1 > db - 

3* a -4i f ore db -4.20 12-121t db - 

1.50-1 JOy pm 3.69 4.00-3.80 pm 

7i<-«bgn> pm 2J38 19V-W* pm 

2Vl T «e pm 6.90 P'-**- im 


Portugal 148.75-150.70 15020-150.70 1<O-350e db -19.54 375-TO50dls 

Spain 1B3.30r-l94.30 1B4.CO-194.20 140-T75C db -9.74 57S-S75dis - 

Italy 2.415-2.423 2.4T7-2.419, 14-17 lira db -7.69 54-58 db 

y 11.84-13.88 1188-11.87 die -3.10 11V13S 4b 

12.09-12.16 12.10V1Z.13 M.-8*c db -7.87 26V30 1 * db 

n W.S7-10.71 10.70-10.71 3>,-4i«ore db -4.20 12-121, db 

4S2-457 454V455 J r 1.50-1 JOy pm 3.89 4.00-3.80 pm 

■ 30 10-30 JO 30.18-30.23 7> 4 -4Vgn> pm 2J38 19V-W* pm 

3.67V3 W, 3.B83.70 2»,-l T «e pm 6.90 Pv*». im 

Belgian rate ie for convertible franc*. FlnencW frane 88M-86 K5. 
Six-month forward dollar 1.34-1 .39c dis. 12-month 3 . 10-3. Sc dis. 




53 ? 


5fcr* 



m 


Kl* 




EXCHANGE CROSS RATES ' - ' 


Sept. 8 « ; Pound Stirling) U-S.' Dollar : Doutechem'k JapaneaeYen FrenchFrano Swlaa Frana Dutch Guild' Italian Lira Canada Dollar Belgian Franc 

eounrf stnrlino l ' 1 ! L70S 7. 4.295 455.o“~ 12.1H I W?§ 4.703 ; 841B. 2.105 e3.96 

1. - 2.515 • | - 866.4 


Pound Sterling , 

U.B. Dollar 


Doutschcmark 
Japanese Yen 1.000 1 


0385 J 


0.660 

1.095 

S63.0 

0.490 

19.34 l 

8.121 

10.34 

5314. • 

4.626 

132.5 | 







EURO-CURRENCY INTEREST BATES (Market closing rates) 



Sept. 24 


Shortterm. .r 
7 day's notice.... 

Month ; 

Three months. ! 

Six month* I 

One Year 


Starling 


U4L t Canadian 
Dollar . ' Dollar 


Dutch 

Guilder 


Belgian Franc 
Conv. Fm. 


10 VII- I0*a-10b 
iota- 11 10 b l Ha 

io li 11*. r mill* 

lOB-lDH- | UA-11K 

lOtf-tl* ■ iSis-Hb 

io£n i I8ii laii 




10tg.l0b 1 1814-1314 - 7V7U 
lOb llle .ttvilb ■ 7V7W 
13t« 13b. 7r‘.-7ji 

HA- 11 U 5 131b 13b 
12 if- 12 tit j 136* 13b : 8b-«U 
12ii-18liS i 14-14ti Sir.-*,; 


14- 14t s 

15- 16 
17 <8 iase 
194 19*4 
i9ij -sou 

20-80 b 


16 >2- 18 
16lj ■ X8 
18-19 
19T 9 -30=a 
21’a 21b 
2111-28 


11 12 
11 1*- 12 it 
t2ii 151; 

13 14 
13bl4k = 
' 13 is- 14 4 



11*4 11*1 
12-12 
12b-12^ 
12V12I» 
1319-13 b 
13b-13H 


cqd llnk8rf daoosite; jwe-month 10V-10»» per cam: three months per cent: ib i month* Ptf ' ewt: on® V»ar IMS per cent. ECU 

, lJj 111.-111, oar cenuthrea .months lltV-IZh* p er cent; nx month* 12V72>* per cent one-yqar 12V-1ZS P« r cent. 

feloehia retee In Sinnaport)' one-month' 11VHV cent: thrae months 11V11 T a per cent: eix months 12V12*n per cent; one year 121a-1Z|« per 

17.45-13 55 par cent: ona yaar 12JD-1 2.40. 

FT LONDON INTERBANK FIXING ( 11.00 a.m. SEPTEMBER 24 ) 


3 month U.S. dollars 


6 month U.8. dollar* 


bldll*>4 : offer 11»H I bid 18 5rB offer 18 W2 


The fixing rates are the arithmetic means, rounded to the neeraet one- 
sixteenth. of the bid and offered rates for S 10 m quoted by the market to five 
reference banka at 17 am each. working day. . The banks ara National Westminster 
Bank. Bank of Tokyo. Deutsche Bank. Banque Nationals do Paris end Morgan 
Guaranty Trust. 






m 






m 




pi 

i 


JOVUU 9 101a - 

- 10 ig- 10 Gb - 

lUe-Uta 10b 10b 

im XOia-lOW . IDaji 

, lHa 10 1QA-1Q4 

. «14 


m 


£ 

Note Rates 


a 


IS 


m 


SE 


t.\i 


TT 


imgSij 


I 


UJK. CONVERTIBLE STOCK 25/9/82 


m 


□cz® 


iw- 





mem Ltd. 

014361200 
72JMI — J 122 


t Raw shown for Argentina ie commercial, financial rate 68,428-66.488. against 
sterling. 38.950-39,000 against dollar. * Selling rate. 

Statistics provided by 
OAT AST REAM InxtmatiPnal 


Con- Premium} 

Current version Flat Bed — 7 

price Terms* dates* yield yield Current Ranget 


Name and description 


Cheap( + ) 
Income Dear(-)-C' 

EquS Conv? Dlv- Current 


British Land I2pc Cv. 2002 SM Z7B.se gas* ahv t L2 - -*lq o 

Ttost Hpc^ToiS JTm 12S.75 _ 7L4 _ 85-01 7.6 7.0 0-? Oto 8 86 .3 

Slough EstateTlOpc Ct787-M 5.08 ^L50 234 .4 7 8^ 3 4-6 - 15 - 8to 0 6.5 

Slough Estates Spc O- 92-94 2*^8 3QB.00 97.5 80-88 7& 7^ 83 3 to 14 28.7 

• Number of ordinary nharca into which E100 nominal of convertible stock b convertible, t The extra coat of ln 

coil^ the e^liy^niho convertible stock. * Hiree-month range. § Inwrti* on number of ordinary she ru into wh.eh flOO MMririe 
This income exnriated in pence, ie summed from present time until Income on ordHiaiy ahare* la greater than mcrnme on HOO oernr 
com, 01 non datewHinhauBr re eerlbr. Income r* aaeunaed to grow at 10 per cant per enmim.and ■* Pt“ 8n l valued « 7* tier “"i per 
CMwrtiMe Ineamuie -Tummed until eonwrekm end present iralued -t 1 * per cent per annum, g Tina 1 * Income of the convartibla 
eoSlw nn« “tbevelue * «*“ underiylng equity. O The dlterence between the premium and Income difference expn 

. n Indication 9 I teletfve cki*£a*a. - « IndiMtlon of relative daereea*. * Sacaad data f* .Mooted d. 

necwsBrily the leu dark of eonuamion. 


- 4 to 
Oto 

— 8 to 


3 to 14 


t The extra coat of Investment In convertible expressed as per coat of the 
ordinary sharoa into which £100 nominal of convertible stock ■> convertible. 


m 




h. < 


Li.lv' 









CAcewn UnfcJ — 
IrxsiM 


\m 


m 






m 


*,v 


«■ 







4 


m 


& 

ft? 


r,r. 


m 








ill 




m 






iiT.3 















































22 


Compaflies and Markets 


Financial Times Saturday September 1982 


LONDON STOCK EXCHANGE 


Consumer shares in demand and lead equities higher 
Gilts turn hesitant but end close to five-year peaks 


Account Dealing Dates 
Option 

♦First De elara- Last Account 
Dealings tious Dealings Day 
Sept 6 $ept 16 Sept 17 Sept 27 
Sept 20 Sept 30 Oct 1 Oct 11 
Oct 4 Oct 14 Oetla Oct 25 

* " New-time " dealings may taka 
plan from 9.30 am two business days 
earlier. 

A useful revival in the equity 
sectors brought the first leg of 
the current two-week trading 
Account to a firm conclusion 
yesterday. Demand triggered off 
by a Press suggestion that the 
continuing fall in the rate of 
inflation may enable the Govern- 
ment to make big tax ruts in the 
spring led to demand for con- 
sumer shares and gave an all- 
round boost to sentiment which 
'had shown signs oF flagging :>n 
Thursday. 

Yesterday’s advance was led 
by Stores: the sector recorded 
widespread and sometimes sub- 
stantial gains, accentuated in 
many cases by stock shortage. 
Rises in consumer shares were 
widespread and helped to take 
the FT-Actuaries Industrial and 
500 Group indices to record 
highs. 

Measuring the improvement 
in the leaders, the FT 30-share 
index, which had, at 3.00 pm. 
almost recovered the previous 
day's loss of 5.4, dosed with a 
rise of 4.4 on the dav at 531-6 
for a gain of 17.9 on the week. 

Among the sectors. Super- 
market shares provided a com- 
plete contrast with quotations 
wilting on a revival of fears of 
another price-cutting war. 

Government stocks ended the 
week on a quietly dull note, 
with auotations drifting lower in 
rhe absence of fresh supnort. 
Interest in the late dealings, 
however, was enlivened by the 
announcement of the issue of 
£1bn of a new short-medium too 
stock. Exchequer 10} per cent 
1988. by way of tender at a mini- 
mum price of £96 ner cent: the 
amount is payable £20 on tender 
with the rest due over the next 
couple of months. News of the 
issue had little impact although 
quotations within the vicinitv of 
the new tap tended to eane a 
shade before reverting to 3.30 pm 
levels which showed losses nf 
around }. FaHs in the lone? 
were usually limited to }. The 
Government Securities index 
gave up 0.25 to 78.80. but still 
recorded a rise of 1.27. or more 
than 1} per cent on the week. 

Equity and Law firm 

life issues returned to promi- 
nence in Insurances after 
Thursday's bout of profit-taking. 
Renewed support on considera- 
tion of their heavy gilt portfolios 
and the satisfactory. 20 per cent 
increase in UK premium figures 
for 1981 prompted fresh gains 
ranging to 10. Equity and Law, 
at 52Sp, dosed that much higher 
for a rise on the week of 42. 
Legal and General rebounded 7 


to 300p and Britannic, 294 p, and 
Sun Life, 414p, put on 6 apiece. 

Little of interest occurred in 
the banking -sector. Hanson 
Finance eased 3 to 37p on the 
disappointing results, while 
Guinness Feat relinquished the 
same amount to 50p. Dealings 
started in the Standard 
Chartered Loan stock 20024)7; 
the £25 paid stock opened and 
closed at I premium. 

Breweries finished on a firm 
note although the best gains 
were reserved for regionals 
where Vans closed 4 to the good 
at 193p, as did 33Atthew Brown, 
at 210p. Bass added the turn to 
256p amid rumours that the 
company is preparing a major 
takeover. Ladbroke, 157p, and 
Arthur Bell, 222p, both tipped 
as likely candidates, firmed 3 
and 4 .respectively with the 
latter’s 9} per cent Convertible 
closing 4 points better at E175. 
Elsewhere in Wines and Spirits, 
Matthew Clark continued to 
respond to quality support and 
rose 10 to I76p. while Macallan- 
Glenljvet rose 15 to 480p follow- 
ing the increased first-half 
profits. 

The undertone in Buildings 
remained distinctly firm, with 
quotations still underpinned by 
cheaper money considerations. 
Barrett Developments, a strong 
market earlier in the week on 
the excellent preliminary results, 
put on S for a gain on the week 
of 42 to 352p, while NewarthiU. 
a thin market advanced 38 for 
a two-day jump of 45 to 570p in 
response to the increased half- 
year profits. Moving against the 
trend, George Wimpey shed 5 to 
lOSp on nervous selling ahead of 
next Thursday's interim results. 
Elsewhere, Bine Circle and BPB 
firmed 4 apiece to the- common 
price of 444n. while Tarmac 
edged up 2 more to 3S2p. W. 
and J. Glossop, half-year results 
due on Monday, rose 3 to 70p, 
while recently-dull Ibstock 
Johnsen improved a like amount 
to 54o. Tilbury Group put on 4 
to 84p on revived soerulative 
interest and R. M. Douglas also 
gained 4. to 72p, the latter in a 
restricted market. Burnett and 
Hallamshire rose 5 for a gain on 
tiia week of SO to 880n: the com- 
pany announced yesterday that 
it has substantial lignite 
deposits in Northern Ireland. 

After opening a shade firmer. 
ICI fluctuated narrowly before 
closing 4 dearer on balance at 
29 Sd. Further demand In a thin 
market lifted Allied Colloids 11 
to 312p, while Lanorte firmed 3 
to a 1982 peak of !78p on con- 
sideration of the interim results. 

Stores below best 

Having already made sizeable 
gains throughout the week, 
major retailers showed renewed 
strength with sentiment buoyed 
by the prospect of tax cuts in the 
next Budget; dealers reported 
actual trade as slow, however, 
and although most displayed 


625 


600 

675 

550 

525 

500 

475 

450 


Weekly HtobsA Laws 



425 


F.T. INDUSTRIAL 
ORDINARY INDEX 


1981 


1982 


useful gains, often exacerbated 
by stock shortage, a slightly 
easier tone was evident after the 
official close. British Home, 
interim reusits scheduled for 
next month, rose 4 for a gain 
on the week of 22 at 194p. 
Gussies “A," closed 15 up at 
60Sp. after BlOp, while Marks 
and Spencer hardened 5 more to 
205 p. Debenhams rose 4 to 92p, 
after 94p, while F. W. Wool worth 
touched 74p before settling a 
couple of pence lower on balance 
at 71p awaiting further develop- 
ments in the confused takeover 
imbroglio. 

Recently buoyant newsagents 
and d4-y issues made fresh 
advances. Among the former, 
W. H. Smith stood out with a 
gain of 8 at 253p. NSS Improved 
4 to X40p, and Martin improved 
8 to 224p. Harris. Qneensway, 
which announced a trading link- 
up with House of Fraser on 
Thursday, jumped 8 to 256p; 
Frasers firmed 2 to 162p. Home 
Charm, 258p. and MFI, 114p. rose 
4 and 6 respectively.- Demand 
was again forthcoming for Mr 
Asti Nadir’s Polly Peck which 
advanced 45 for a jump on the 
week of 111 to 530p. Wearwell 
rose 6 to 51p in sympathy. 
Electrical retailers were firm 
under the lead of Dixons Photo- 
graphic. 15 uo at 197p. Carrys 
rose 6 to 224>p. and Comet 8 to 
155p. 

Electricals were featured by 
Oeeouics. which made a soecta- 
cirlar return to the Unlisted 
Securities market from suspen- 
sion following the completion of 
negotiations to acquire Geomex, 
a Hong Kong-based concern 
engaged in similar activities to 
Oceonics; suspended :n June at 
255 p, almost twice the placing 
price of 130p. the shares Yester- 
day resumed trading at 385p and 
rose steadily in a good business 
to close at an all-time peak of 
510p. ORE advanced 10 In sym- 
pathy to 235p, after 240p. 

Lee Refrigeration gained 20 to 
250p following renewed support 


in a thin market and AB Elec- 
tronic put on 5 to 257p, the latter 
after comment ahead of the 
results scheduled for next Wed- 
nesday. Investment buying 
lifted Cable and Wireless 10 to 
32Sp, after 330p, while United 
Scientific, at 323p, rallied 6 after 
recent weakness caused by 
worries about a U.S: tank deal. 
The leaders improved with the 
general trend. GEC attained a 
new 19S2 peak of £12}, up }. 
while Plessey gained 5 to 577p. 
Dragged lower of late by the 
chairman's profits warning. 
Thorn EMI rallied to 302p before 
finishing only a couple of pence 
better on balance at-3S7p. 

A re-appraisal of the interim 
figures and forecast of lower 
profits for the full year left 
Vickers friendless but only a 
penny easier at 125p. Hawker 
cheapened 2 to 358p while GKN, 
a dull market of late on the 
second-half profits warning, 
rallied a few pence to 118p. 
Secondary Engineerings were 
featured by a rise of 4 to 12p in 
Aurora following the strong 
profits recovery. An investment 
recommendation lifted Green- 
bank 3 to 44p. while the satis- 
factory preliminary figures left 
Adwest a pennv harder at 17fio. 
Snear and Jackson gained 5 Id 
68d on recovery hopes, while 
Chlemring revived with a rise of 
10 at 470p. 

Good at first in tine with the 
general trend, Food Retailers 
reacted sharoly on rumours that 
Associated Dairies was about to 
launch a price-cutting operation. 
Closing levels were a shade 
above the worst, Associated 
Dairies settling a net 8 down at 
14So, after 144p. Kwik Save 
ended 12 lower on balance at 
280p, after 27Sp, and J. Sains- 
hnry 5 cheaper at 385p, after 
380p. Tesco reacted to S9p 
before rallying to close un- 
changed on balance at 93p and 
Llnfood dipped to 222p before 
dosing just 2 off at 228p. William 
Morrison lost 6 to 150p aod 


FT-ACTUARIES SHARE INDICES 

These indices are the joint cunpitation of the Financial Times, the Institute of Actuaries and the Facdty of Actuaries 


EQUITY GROUPS 
A SUB-SECTIONS 

Rpea l* perardieiB star araber. 
of studs per xeUm 

Fri Sept 24 1982 

Unas 

s rat 

23 

Wed 

SepL 

22 

Tubs 

Sept 

21 

Mm 

Sept 

20 

Year 

<4V*J 

Highs and Lows Index 



EsL 

Enfeff 

WeW% 

(MaxJ 

Grass 

Oto 

W«M% 

WCTh 

30%) 

Eri. 
PI E 
Ratio 
Oiti) 

Index 

NO. 

hdoe 

NO. 

IndR 

No. 

Mar 

Nil 

Index 

No. 

1982 

HHA | Low 

Smse 

OtopHaflon 

M* | Le* 

1 



-ML 6 

8.95 

189 

13.94 

430.09 

43033 

42553 

42055 

31022 

43257 

(24/9) 

35134 

Q4/1) 


50 J1 (1302/74) 

2 



+0.4 


539 

9.97 

34851 

347.40 

339.49 

33824 

Z7826 

■KI..M 

am 

29954 

( 6 /D 


4457 0302/74) 

3 


64877 

+ 0.1 


4.77 

043 

64832 

65233 

63730 

63036 

49120 

65351 

am 

52958 

(60) 


7X48 (202/74) 

4 



+0.9 

X92 

177 

2235 

MS2 

1805.% 

SEE 

uhEL 


183053 

(24/9) 

120558 

040) 


84-71 (25/6/62) 

5 



-03 

1406 


EEJ 

45831 

462.97 

46352 

460.92 

428.44 

52385 

(5/2) 

457.09 

ow 


6439 (20/75) 

6 



+03 

1236 

X93 

9.90 

198.91 

200.71 

19955 

19931 



wn 

18731 

(6/4) 


45-43 (60/75) 

8 



+05 

1537 

8.99 

7.97 

137.77 

140.94 

13935 

137.43 

14652 

18298 

(29/1) 

137.43 

(20/9) 

19229 (4/5/79) 

4955 (60/75) 

9 


76.67 

— <L2 

301 

8.96 



7679 

7736 

75.93 

7552 

9033 

10240 

(3/2 ) 

7453 

atm 

17099 050/69) 

1X91 (6/1/75) 

10 

Offer tehsMri ItotertfsOffl- 


+10 

9.43 

5.93 

1336 

349.44 

35151 

347.75 

341.92 

329.41 

41053 

(5/2) 

33732 

(9/8) 

41053 (5/2/82) 

27755 050/81) 

21 



+13 

1139 

431 

10.80 

35969 

359.95 

35458 

34854 

24422 

36X46 

(24/9) 

26559 

(50) 

36X46 (24/9/82) 

6X41 0302/74) 

22 


vrAiJ 

+13 

12.05 


10JD8 

39129 

39035 

38230 

37759 


395.69 

aw 

26150 

0207 

39559 (24/9/32) 

69-47 03/12/79) 

25 


VMf 

-ML4 

1504 


7.67 

301.78 

302.48 

29826 

29332 


30289 

aw 

25553 

mm 

30259 <24/9(12) 

5957 0302/74) 

26 



-23 

1 


1553 

76131 

799.94 

7545Z 

74830 


764J8 

am 

545.79 

(50) 

76438 mm 

5455 0102/74) 

27 


•i Ut i 

+13 

EJ 


1855 


56327 

542.78 

53756 

29551 

56137 

aw 

338.70 

(50) 

56137 (24/9/82) 

17538 (285/80) 

29 



+05 

9.61 

536 

1918 

43408 

439.44 

435.93 

42X42 


46132 

am 

39555 

(9/7) 

47641 04WBD 

5453 (9/1/75) 

32 


rT' 

+03 

3232 

5.94 

10-26 

53220 

529.38 

523 SB 

52633 

44X72 

53838 

am 

472J9 

n 40) 

538.78 anna 

55.08 (60/75) 

33 


P 1 L Y.| 

+ 0.6 

17.79 

7.85 

649 

M051 

14159 

13824 

13651 


15X22 

am 

130.74 

(50) 

16L79 0/5/8U 

4356 (60/75) 




+23 

H 77 

3.99 

1 LIW 

34427 

34233 

337.45 

32924 

■rrV. 

vom 

com 

23852 

(5/D 

WIP (24/9/82) 

5a.fta (fi/1/75) 

35 


169.71 

+15 

1X60 

632 

8.94 

16725 

IftftJH 

UtM 

160.73 

rit 

1 Wft»> 

02/5) 

152.91 

(5/D 

235.72 070/67T 

6256 (11/12/74) 

36 

Tobaccos (3) 

397.tR) 

+13 

ZL63 

6.97 

612 

39L99 

398.79 

39282 

38554 

? V , ' 

40X55 

(9W) 

25X28 

(60) 

40355 (9/9/823 

9434 03/6/629 , 




+07 

5.92 

5.49 


287 JO 

284J0 

282.65 

283-46 

24X91 



24757 

a/D 

33X40 015BU 


41 



+13 

+1.4 

12.97 

1435 

1 ^ 

9J29 

26X99 

26532 

non 

256.93 

199J7 

25753 

268.47 

cm 

22858 

(507 

268.47 mm 
3S&ST anna 

5853 (60/75) 

44 



+03 

16-53 

fTT] 

7.43 

9834 

99.92 

99 JO 

9853 

99.69 

13158 

(29/1) 

89.99 

am 

34606 (1/9/72) 

4534 <2/1/75) 

45 



-06 

1634 

751 

7 21 

542.00 

54691 

538.91 

53055 

44954 

58726 

(5/2) 

51X46 

(50) 

644J6 (24/4/BD 

9080 (29/6/62) 

46 


rTJpi'' 

+14 

3051 

539 

1X64 

362.98 

36227 

357.94 

350.76 

25674 

367.90 

aw 

289.92 

(50) 


6039 (6/7/75) 

49 

IvviUj 

WiiM 

tm 

turn 

era 

1353 

370.07 

E3I! 

EDH 1 

ESI 

26(147 

373J6 

aw 

289.79 

(50) 



51 

GlfcfMl 

Wi>r*jn 

tm 


WTJJ 

627 

70L86 

fciiiAjJ 

E 53 

EDEJ 

60L95 

758-70 

(28/5) 

62733 

am 

Fi-'.-VKMpl-.VWi-.dl 


59 

1 ! ,M -n. — . 


tm 

EE3 

on 


FTT^Tl 

ESE3 

E253 

F?yn 

F^l 

E23 

E!S1 

mm i 



i^:;r 

61 


255.84 

+83 




— 


25655 

25X04 

24859 


26853 

am 

23823 

08/6) 


5X88 0302/74) 

62 


265 J6 

+03 

3834 

era 

208 


26755 

262.70 

25922 


304.42 

mm 

249 JO 

06/8) 


6244 0202/74) 

63 


28X92 

-60 

— 

8.23 

— 

28616 


27431 

27431 

S 

28636 

asm 

m in 

a/D 


8X40 0002/74) 

65 


31135 

+14 

— 

ED 



307.02 


30756 

294.90 


31X48 

(22/9) 

24338 

( 120 ) 

. ' t r : MiU'.'i 

4458 (20/75) 

66 



+03 



Era 


1 MM 

I'.'.i. t 

16528 

THfc) 


17178 

(5/3) 

14723 

(20/5) 

*ib i7i\ 

4X96 0X12/74) 


^■■•■■tate^pijtaetaeYy^PHN 

1 ’ ’ 

+18 

1195 

505 


51529 

519.98 


-! f ^ 1 

irr 

OftTJ 

02/7) 

41059 

nyn 

win 


68 


14X90 

-03 

B 

636 

ei 

144.09 

14459 

142J1Q 


14059 

35603 

a/n 

128.79 

(5/7) 


3121 (70/75) 

69 


41913 

+0.4 


3.93 

23.97 

41735 

41422 

40754 


39951 

468J6 

ai/3) 

39L96 

(13/7) 

tt ^ 

5651 (20/4/65) 

70 


164.93 

-19 


6.96 

755 

16856 

E^3I 

164.94 

TTTT 

15925 

18935 

ai/ 2 ) 



A? 

3339 07/12/741 

71 


32031 

+04 

— 

533 

_ 

31938 

31931 

E2SDI 

31224 

27684 

32051 

(24/9) 



W:Eil 

7153 0302/74) 

81 


213.88 

-13 

10.75 

665 

1232 

21624 

217.07 

ZLL5B 

20832 

23691 

241.76 

am 




6631 00/9/74) 

91 


1253 

-0.4 


8.79 

859 

36427 

36682 

36425 

36139 

38X53 

438.99 

aim 




9737 .(60/75) 

99| 

ALL-SHARE INDEX (750) 

36155 

+05 


551 

— 

35925 

36051 

3K35 

35029 

27857 

36151 

am 

30622 

(1207 

36X81 (9/9/823 

6X92 0302/74) 


FIXED INTEREST 


ware 

fSSEHCSS 


British 
5 ye** — 
5-15 yen. 


(tar 15 yean— 
In - afc tB B b ta 1 


fitehnstM 


Frt 

-Sept 

24 


1U27 


12U5 

mn 

mxr 

126.33 


99.72 


TUB 


DqTs 

long 

% 


-008 

-428 

-027 

+OK 

-022 


+0JJ2 


+004 


Tturs 

sept 

23 


11836 

1ZJML 

13506 

13901 

12651 


9939 


7322 


ntaft 


xd ad}. 
1982 
m date 


857 

933 

JB3S 

8.90 

951 


091 


AVERAGE CROSS 
REDEMPTION YIELDS 


Low ' 
Capons 

mm.j- 

mm 

Coupons 

High 

Gagnoi 

Irredeesattsv 


5 years_l_ 

lSym 

25 yon 

5 IdlTH.. 

15 yan — 
25 yea*. — 

5 year* 

15 IHfti i— . 
25 yeas. 


Debt & Lons 


5 yeas 

15 yeas^.^.. 
75 yeas. 


588 Ji4 FiofuMu. 


Frl 

Sept 

24 


8.99 

1047 

1066 

U.« 

3149 

U.97 

1146 

1131 

XLU 

1078 


1252 

1252 

1252 


fl 1138 


Dm 

Sept 

23 


853 

1041 

1063 

1134 

1144 

1094 

3136 

1166 

UJ3 

1069 


JZ52 

2252 

1252 


1338 


Yea 

89° 

bpproxJ 


1169 
3417 
3426 
15.94 
lft « 
1558 
15.92 
3631 
1589 
33.99 


1091 

1755 

1787 


ifc vi 


1982 


High* 


23.49 0/1 > 
1428 Q/D 
3417 02/1) 
2041 02/1) 
ift m (5/i) 
15.46 02/1) 
3630 a/n 

ift wt (5/D 
15J6 CB/U 
1161 02/11 


1787 02/1} 
1ft M Q2/D 
16.72 Q2/D 


1624 CQ/D 


062 amt 

1040 <22/9) 
1063 (23/9) 

U87 cow 
1136 mm 
1094 mm 
io% cam 

USB (23/8) 
1U3 cam 

2866 am 


1223 act) 
1252 atm 

1252 OV9) 


1338 aw 


Equity section or graq> 
Other Industrial Materials^—— 
Other Consumer. — 


Hcafth/HousehoM Prods. 
Other Groups — — 

Overseas Traders „ 

Engineering Contractors . 
Meeh tmtal Engineering- 

Office Equipment — — „ 
Industrial Group - 


Base date 

Brae value 

Equity sectloa or gram 


31/12/80 

230.14 

Pffll IfrfltVIiriiiy 


3Q/12/77 

26X77 



31/12/74.. 

63.75 



31/12/74 

10050 



31/12/71 ■ 

15X84 

AHfVK-. • 


31/12/71 

15X84 



16/1770 

162J74 



31/12/70 

TM-Xl 




Base data Bne value 
31/12/70 12806 

29/12/67 ■ 31433 

29/12/67 11413 

29/12/67 9657 

29/12/67 10CJ00 

10/4/62 moo 

31/32/75 100.00 

31/12/77 10080 

31/12/77 76-72 

t Flat yWi A list of the cnostituents Is available from the Publishers, The FtaanctaJ Times, Bracken House; Cannon Street, London, EC4> price 15ft by past 28p. 


Hillards 4 to 170p. 

Other Food issues failed to 
maintain early upward momen- 
tum. Northern toached 176p 
before closing 4 dearer on 
balance at 172p, while Bowntree 
Slactintosb, a couple of peace 
firmer early on, ended that much 
cheaper on balance at 210p. 
Cadbury Schweppes lost 2 to 
115p and recently firm Arena 5 
to 370p. 

Following the death of the 
company’s chairman. Srr Maxwell 
Joseph, Norfolk Capital attracted 
speculative buying on takeover 
hopes and put on 3 to 2Sp- Grand 
Metropolitan met revived in- 
vestment demand and rose 6 to 
279 p. 

Braby Leslie jump 

Braby Leslie became a late 
firm feature among secondary 
miscellaneous industrials, jump- 
ing 12 to 69p in response to the 
share-ex change bid terms from 
Anglo-Xordle, 2 better at 42p. 
Dry-cleaning shares continued to 
attract support; Sketchley were 
prominent with an advance of 18 
for a rise of 3S on the week at 
322p. Initial rose 9 to 295p and 
Sunlight Services 6 to 124p, 
while Hanover Inve&ments also 
firmed 6, to 51p. 

Reflecting a broker’s bullish 
circular and revived takeover 
hopes, Fobel International put on 
S to 53p, while Nu-Swift 
improved 21 to 40tp on news of 
a possible higher offer. Gomme 
rose 3 to 29p, while E. Fogarty 
revived with a gain of 12 to 62p. 
Against the trend, Dinlde Heel 
lost 2 to 5*p on the disappointing 
annual results. 

Reports of substantial tax cats 
planned for next year’s spring 
Budget stimulated baying 
interest in the leaders. Glaxo 
closed 11 higher at SQSp and 
Beecham put on 8. to 342p, as did 
BTR, to 354p. Unilever appreci- 
ated 15 to 6S0p. 

Among travel concerns. 
Horizon hardened a couple of 
pence to 187p and Saga Holidays 
5 to 145p; the latter’s preliminary 
results are due soon. Press com- 
ment stimulated occasional 
interest in Leisuretime, which 
added a penny to 72p. but 
Nimslo International idled 5 to 
140p following the -interim 
report 

An uncertain Press reaction to 
the interim statement clipped a 
couple of pence from Dunlop, 
55p. Elsewhere in Motor sectors, 
British Car Auction attracted 
useful support and rose 5 to 120p, 
while Lex Service closed 3 to the 
good at 149p. 

Among the occasional move- 
ments in Properties, Hammers on 
A edged up 5 to 600p and Slough 
Estates a couple of pence to 
XOln. Churchbmy Estates rose 10 
to 515p, while London Shop Pro- 
perty, preliminary results due 
next Thursday, added 2 to 122p. 
Rose-ha ugh. the subject of con- 
siderable speculative activity on 
Thursday on a report that the 
company was Involved in the 
consortium interested in acquir- 
ing F. W. Wool-worth, pat on 3 
for a two-day gain of 13 to 213p 
despite the Rosehaugh chair- 
man’s denial of the report. 


Oils quiet 


Interest in Oils was at a low 
ebb and, apart from Ultramar 
which finned 7 to 450p aided Try 
a broker’s bullish circular, lead- 
ing quotations held close to over- 


night levels. Elsewhere, 
occasional selling dipped 
couple of pence from Carless 
Capei. ISSp, and $ Cram KCA 
International, 72p. 

Proceedings in Financials were 
featured by Altken Home, which 
jumped to 20Sp before settling 
for a net gain of 20 at l95p 
following the announcement that 
members and associates of the 
Saudi Royal Family arc to inject 
£1.6m of new capital Into the 
company which is expected to 
result in a substantial increase 
in Middle-East business. Recently 
firm money brokers paused for 
breath and Exco eased 4 Co 241p, 
while Mercantile House gave up 
10 at 420p. 

Golds up again 

South African Golds made 
Further good progress during the 
day owing to continued Johannes- 
burg support, bnt' came under 
light profit-taking in the after- 
hours' trading as American sell- 
ing followed the downturn In the 
bullion price. 

Closing prices were below the 
day’s best but the Gold Mines 
index retained a 3.4 rise at 3705 
—a week’s gain of 75. 

Bullion was finally $9.5 down 
at 3428 an ounce, around SIS-5 
easier over the five-day period. 

Yesterday's Johannesburg buy- 
ing was again directed towards 
the top-quality and marginal 
issues. 

In the latter, Marierele 
attracted heavy support and 
touched a year's high of 213p 
before closing a net 18 up at 
202p. Durban Deep, recently the 
subject of good Johannesburg 
interest added 4 more to a 1982 
high of £16t, while East Rand 
Proprietary rose 16 to a high of 
S49n and Loraine 9 to a high of 
249p. 

In the heavyweights, new highs 
for 1982 were registered by 
Randfoutefn, £42*. Buffets. £22 1. 
Lfbanon, £13| and Western Deep, 
£20}, all of which improved by 
around J. 

South African Financials 
mirrored the performance of 
Golds. Anglo American Corpor- 
ation jumped 20 to 715& 
Johnnies } to a 3982 high of £39 
and UC Investments 10 to a 
year’s high of 690p, all three 
companies benefiting from 
Johannesburg haying interest. 

Lower precious and basemetal 
prices led to persistent small 
selling of London Financials 
despite the gains In UK eqoities. 
Gold Fields were particularly 
weak and dropped 8 to 430p. 
after 42fip, while Charter dipped 

3 to 192p. RTZ held around the 
427p level, op 20 on the week. 

In a mixed Australians sector, 
Gold Mines of KalgoorUe 
retreated 10 to405p and Poseidon 

4 to 201p. Among the leading 
base-metal producers, Peko- 
WaHsend dipped a hke amount 
to 292p and GRA and BUM Hold- 
ings 2 apiece to 214p and ISSp 
respectively. 

Tins showed little change. 
Dealings in Amalgamated !No 
Mines of Nigeria were suspended 
at 14fe> pending reorganisation 
details. 

Demand for Traded Options 
improved slightly and 1,441 con- 
tracts were done, comprising 
1469 cadis and 272 puts. The 
week’s daily average amounted 
to 1.6BL Call activity was domin- 
ated by Imperial Group, with 
381 contracts, and Marks and 
Spencer, with 256p. 


RECENT ISSUES 


EQUITIES 


Issue 

price 

P 


•n 

it n 
ss 
101 
«3B 


80 

*110 

595 

1120 


O-CT 

E«3, 

'<a\ 


31* 


1982 


High 


Low 


Stock 


65 

23 

6 isj 

65 

95 

44 

27 


— 95 1 * -S 5 Antofagasta HMgapB 1 

£■£■ — 2A 82 Bo rad In Holdings 5p 

E*E‘ ™ 6*2 #BerlCBleyH.H.invl Bp 

E-E- 719 Z2 44 •SBIo-toolatee 10p — 

93 iSBrevma Europe lOp 
f-P- 1CW9 45 38 ^ Cotom an Mnne lOp 

FJj — 31 87 4DeImar Group 

F.P.29/11106 87 «Ecobi1cNawOrd£1106 

F.P. — 65 65 * Do. Dsfd 60 

FJP -?55 .52 48 *Had»on Pet lnt5p 60 

F.P-J17/9 182 ISO ■{■Int'europeTech Jllp 167 
P-P-(29/® 925 368 Morcantflo Hi*. Now. 420 

FJP. 27/8 180 163 MutUtone Elect. 174 

FJ>. - 26 20 Rrr* Northern War*ta 24 

F. p . — 24 20 Bvr Plate & Gen.Wrrta 21 

F-F- — 13 10 ^Sheraton Secs lap.. 10 

F.P.I — 24 22 fTwinJock 10p_.: 24 


If* 

IO 


4-or 

Divl p. 1 
or 1 
amount 1 

_TJ 

SS 
E 5 
’“o 

Sd 

2® 

o>- 

. o 
£1 


7.0 

3.8 

1X4 

2.0 

— 

0.6B 

US 

4X) 

M.7 

+“ 






+d 

u44l 

2.2 

7.4 

0.0 

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ul.6 

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4.9 

7.1 

— 

uljBO 

2.4 

«.« 

6.7 

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14.3 

4.7 

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3.4 

2X4 

_8 

14-0 

2-2 

4.0 

11.0 

— - 





— 

— 

— 

— 

10.1 


FIXED INTEREST STOCKS 


Issue 

price 


00.628 

97.504 

105 

97.068 

96.594 

07.706 

100 

100 

903)26 


OTJ 

E « 
<a 


rjp. 

FJP. 

£20 

£25 

F.P. 

£20 

£25 

£25 

FJ». 

FJ». 

£26 

FJP. 


|_ a 


28/10 

4/3 


B/12| 

18(2 


1082 


Kiahl Low 


06p 

®Op 

31H 

26 

1061s 
22 
26 lg 
271* 

loose 
100 1 B 

iS" 


S3 

2m 

24 

105 

198* 

244 

26 

£3! 


Anglo Indonesian OiggCnv. Cora.Pror. 

Antofagasta 3.52 Prof^fil) 

Australia iai«% Ln. 2010 


Stock 


BOC 121,2 Uns. Ln. 2012-17 

[Credit National Br. 13x*2 1989, 

□eetrlcita ds France izhz Ln. 2008. 
Hydro Guebac 125«* Ln. 2015„ u 


ME PC 12% Fit. Mart. Deb. 2017 

Nationwide Bdg. 8oc. 11 t«2(16/t 

i do. on. ii >«2 

iStd Chard 127g Sub Ord Uns Ln 2002ro 
ITwinlock 15* Uns. Ln 


2-c 
O a 


BBp 

63p 

31 

26ls 

1061+ 

208+ 

29*4 

37 

100 Sd 
100 
.85 
94 


u RIGHTS” OFFERS 


Issue 

price 

P 


400 
21 
12 hi 
3 

170 

25 


& 


F.P. 

Nil 

NH 

F.P. 

Nil- 

Nil 


Latest 

Renunc. 

data 
© * 


High I Low 


Stock 


13/9 8/10 ' 510 
11/1019/11 lOispml 
— Upm| 

[22/9 19110 . 2 , 

S/lOlim 26pm . 

8/1019/Xl 4pmj 3iapmJu.U. Tsxtllas 


488 EurothamV int. lOp. ! 

8 pm Munton Bros. lOp 

ispsn N.M.C. hivs. 1219P,„.. 

.l* 4 «pong 

lOpmfTricentnrt.... 

SlanroM I 4 I Tav+Ha# 


c m 

it a - 


k-.or 


Sltf " 1+8 
ioi«pm ■. — 

Upm 
2 

12 pm —1 
Sigpraj — 


Remmclsttaa debs usually last dry for dealing tnw of stamp duty, b Hgums 
baaed on pmapactua estimate, d Dividend me paid or pays bis on pact d 
oaptttl: cover bawl on dividend on full capital, g Assumed dividend end yWd. 
t Indicated dividend/ coyer iteete# to previous dMdeod. P/E ratio besed on hrteat 
annual eenriogs. u Forecset dividend: sever based on previous year's earning*. 
F Dividends and yield baaed on pnupaetta or other official estimates for 1983. 
0 Gross. T Hgures assumed. • Figures or report awaited, t Cover attows tor 
conversion of shares not now ranking tor dividend or ranking only tor restricted 
dividend*. 5 Placing price, p Panes unless odtanriee Ifldieated. 4 issued by 
tender, B Offered to holder* o* ordinary shaves M a "nghte.** ** issued by way 
of a ep tl H e s aoo. . SS Rstowodurad. Ti laeosd |a oonfleetton with raorgsaieetion 
merger or take-over. fl| Inenduetion. Q Issued to former preference . boWen. 
■ AHOtmant letters {« tully- iW}. • PraviaiOAal or perdypaid aHatmant totters. 
★ With warreota. tt Daa/ing* under apaclil Ride. UnHated Securities 
Market, tt London Lleting. * Effective tomra pries after scrip, t Formerly 
dealt in under Roto 183(2) (a), ft Unit comprising five ordinary aod tbrse 
Gap. shares. V luuad tme as an entitlement to ordinary holder*. 


FI NANCIA L TIMES STOCK INDICES r 

Oovermftelrt Serna. 78.80 79.05’ 79.05 7A«^ 77Jff^ 77JB) «r.. 

Fixed lAnM. 1 79,63 : 79.87 79L80 79.14,' 78^ 78.W 

industrial OWU..„,„; 881.6' 577 Jl 582.6, 876ut, Wft.7 47 * 7 

GtidWnw..^^..' 370.6 367.2 364.4 348,6. 34S.4i SflaoT 

Ord. Qlv. Yields, • 4.8B A00 *L97 A02 8.1>j , 8,15) 

CanUnfl^YMJKfUIQ’ ZOJW 1L0& .11.00 1LM, tl.W HJW'IOji, 

PJK Ratio lottin 10 10 J» 10.90 10.77 10.58! 10 .MH 

Total bargain*. 18,475 17,370 17,565 1M7T 17,4CjJ 17,54« 

Equity turnover £m. - — - 1«£JS 155.07: 14Ck5tf lMM. 104JKZ; 

Equity bargains^ — 13.431 18.774 13.627 ll.B23. 14,076 ain^ 

Share* traded — ' 9BA ' 109.5 97,1; 82.7 HxA 139,9 

10 am 838A. If am 580.8. Noon 5S2.4. 1 pm S8T.7, 

2 pm mb. 3 pm 582.4. • 

Beale 100 Govt Sees. 18/10/26. R*ed Int 1528. IndimrW 1/7/B.'tt 0 | l r 
Minas 12/S/SB. 5E Activity 1874. 


Latest index m-246 8028. 
Nii-10.19. 


HIGHS AND LOWS 


&E. ACTIVITY 


1982 


ICMwraOompBat'tt: 


High : Low { High J Low 


Govt. Secs..,: 79.06 | 61.69 
: <26i9) ; «fl) 

Fixed \nt~J 79.63 j 62.79 
■ (W/9) | (7/1) 
ind. Ord. — 1 598 A ; 818.1 

\ am J. (KQ 

Gold Mines— 378.3 | 18U 
| 17/91 ; (22ffiK 


• -»oiny 

I 187.4 ! 49.18 

ww*!] :e5S£“" 

180.4 80J53 ! Bargain •„ 

■121/1047) mm j value 

I 597.3 i 49.4 

flwiin (*w«i 

I 8539 | 4U "j 

CBffilM) {28/10/70; Bargains... 

! - Value L 



LEADERS AND LAGGARDS 


Percentage changes since 
Thursday, September 23, 1982. 
Health and H*aef«oM Products +EQS7 

Tobaccos +50J2 

Etoctricab — 4-44J9 

Brewers end Crietiltors +41(53 

Stores +43L28 

Food Retailing +38.10 

Consumer Group ; +33.59 

Industrial Group +25.63 

Insurance Brokers ..... +23.53 

Insurance (Ufa) +21.79 

Contracting, Constructian +21.31 

GOO Shara Index +20.06 

Capital Goods + 1 US 

Gold Mines Index +19.41 

Discount Houses +1199 

Other Consumer +15.79 

Building Mata rials +1644 

Ail-Share Index +14.73 

Food Manufacturing +14.49 

Other Groups - +13-57 


December 31, 1981, based 


Chemieets 

Investment Trust* 

Newspapers. Publishing _ M . 

TextUee - 

Packaging end Paper 

Insurance {Compos ha) 
Shipping end Transport ...... 

Leisure 

Macbanlcel EngfaiseH n g 

Financial Group 

OB* 

Oth er Indus trial Materia ls 
Enginrsring Contractors u.... 

Mer c h an t Banks 

Banks i 

Property 

Mining Ftneace 

Overseas Trading 

Metals end Motel Forming 

Motors 

Office Eq uip m ent 


+iur 

+1082 

tJ* 

+ *« - 

f *» 

*Ut 
+ 2A 

T 6« 
-If 
-If 

r. Mi 

“7JI 
“ 7.T 
-» 

■v U 
-9.>- 
-17a 

.-184 


OPTIONS 


First Last Last For 

Dead- Deal-. Declare- Settle- 

logs logs tion meat 

Sept 27 Oct 8 Dec 23 Jan 10 
Oct 11 Oct 22 Jan 13 Jan 24 
Oct 25 Nov 5 Jan 27. Feb 7 
For rate indications see end 0/ 
Share Information Service 
Call options were transacted ln 
John Brown. TI, Beecham, 


Trident TV, Quest Antomsflan 
Norfolk Capital. London inu 
Liverpool. Bats, F. W. WnI 
worth, BrevlIIe Europe, Lohrfea 
Pancontinental, First Natiau 
Finance, Polly Peck and Stn te 
Puts were done in Turnet ant 
Newall. Nhnslo and Sb^NAj 
while a double was arrangeri ii 
F. W. Woolworth. 


RISES AND FAIXS YESTERDAY 


RISES AND FALLS YESTTBIDAY 


ON THE WtSRt 



Riias 

Falls 

Sam* 

Rises 

Ftile 

laai 

British Funds 

2 

73 

19 

178 

» 

Tt 

Corpus Dom. ft Foreign 






Bonds 

15 

6 

54 

72 

34 

w 

Industrials - 

316 

159 

B53 

1,270 

689 

3JD 

Financial ft Prop* 

132 

42 

339 

602 

232 

xza 

OU* 

19 

Z7 

63 

98 

103 

la 

Plantations 

5 



18 

14 

9 

m 

JWnes 

. 62 

.23 

68 

278 

59 


Other* 

48 

41 

82 

18S 

i8z -*m 

Totals 

698 370 1.474 

t Excluding Tuesday. 

2.696 

1,407 



NEW HIGHS AND LOWS FOR *982 


NEW HIGHS (148) 

BRITISH FUNDS (1) 

EXCb 3JK 7983 

CORPORATION LOAMS <1> 

LCC 5Vpc '88-90 

COMMONWEALOI LOANS O) 
HZ 7U|K 1300-92 

_ , FOREIGN BONDS ti) 

Ireland Sh«c 1991-6 

AMERICANS K) 


Esumtk 
IBM Coro 
Morgan U- PJ 

Aflled-Lyons 


TRW 
Tmnacto 
WoorworU* 

S US) 

Minton TbORiosoa 

_ MorMnd 

Brown (M.) Vainc 

B aimer IH. VJ Wbtturcad A 

Clirfc tM J Yoons Brew A 

WwHIer* Do Non V 

1 DVCfSOlttoO 

_ BUILDINGS C4> 

Glmon CM. J.) MUconcrete 

Hina & HIU Tarmac 

„ „ CHEMICALS d) 

Allied CoHoW* Laporta IMS 

• STORES 121) 

tett* UJ A Do SUjpcCnv -98/01 

Brit Home Store* Harrta QutMmw 
flnrtofl &P Horn* 0»m> 

Oomw MFI F u rnh u re 

court* A Marta & Spencer 

Curry* Martin NewsDanet 

Detworums . . NSS Mswi 
Dixons Photo Potty Pro* 

Ct Unlrersel Smith rw. HJ A 

Do a Stanley (A. G-> 

Habttot 

ELECTRICALS H4> 

A* Sleet FimH Elect 

Air CaH GBC 

Mntrad - MK Elect 

Cable & Wireless Murrey Tech 

Cray Elect Oceonics 

Dubdter Racaf Efec 

EoroOwra 

Drake & ScuH 
FOODS n> 

Haxlewoods 

HOTELS Cl) 

SaV ° r A INDUSTRIALS 081 
BET DeW Con t LInmol 

Baxter Trarewri New EOutomont 

Beecham Irmaino 

Blade <50 Frtchard Senr 

Boots Rmaail «AJ ■ 

Braby (jesBo »W« ri-J 

Bn-ngreen S»pa 

Enriwrt Coro . 

Eat, too 5**152?’ 

Eovd Ind SSlfiSJ. 

Saxo Unilever 

mual Do Nfv 

Isckson’t Bene, sod UW Pamta 
-RC Inti • Wstrham* 

_ .. ■ INSURANCSS O) . 

■rltomrte Phoanlx 

Eoulty & Law 

„ „ UUSURS CS) 

Grampian TV A ncuirramt 


Chemrlns 


MTV NfV 

MOTORS CD 

Brttbh Car Auction* La Santa 
Bniul Pickering 

Wretnrinrtar SgSg * :» =■ 

. L . . SHOES CD 

Lambert Kewarth Ward WUta 
.. SOUTH AFRICANS fl> 

SA Brews 

TEXTILES CD 

Maw* fA.1 Sirdar • ' 

, _ TRUSTS <20) 

AAflEo Scut I itt Murrey Ordtuble 

Bankers lm Do 4 - 

BbiMMsateTtt Nrtta A ma r ta a . 

Brtrt Am A Gen PaiKIniil lor 

BiW liars Scot Mart 4 1W . 

EdMbnrvb Am T*t Securities DC Scot 
Jersey Gen SMcas.ln* 

Lon & Gartmore TR Australia Dt 

Lon A Lennox US Deb Cora 

Lbn A Provincial Mere Tran Dt 
, . . MINES 07) 

Durban Deem Western Dtw . 

ta taivd Proo FS Gadoid 

Rnndtontnin Sets Harmony 1 

Went Rand Loraim 

Marievale Gom FMd* SA 

iS£a““ 

vSrtw, uc '” 

NSW LOWS (34) 
inwreo,, Rand" - ™ 0 "" n> . 

„ „ BANKS Cl) • 1 

Manaon Pin . 

BUILDINGS » ' 

Affled Rea WhhMnotmn 

Nna 

WhHwor H , B £^ CT " ,CA,S « n .. 

RHONEERING (91 
Aaw . Laa (A» - ' 

no W— •"■■rt-. 

S SSSi^rteBro ' -. At ; 

AVpina Salt DrirS 005 

Kenoe-r Brooke?*™ ^ - 

4 , INDUSTRIALS ITT) ’ 

Assoc Spreym Ersldna HaMa 

Bartow Hartonr - 

Bodyeotv InU Mars KaR (LaMar) 

Bra miner (H.» PIlkleoMD - 

wt viu • - Third Mil* tm* - 

CMakfo Heel 

_ PAPBR m 

Tranaoarcnt Paoer 
, _ . SHIPPING (11 

Ocean Tran* 

„ TRUSTS Q> 

CameMa hm Marina M* Sor 

. OVERSKAS TRADERS (1> ' 
Anrt Aericultare 

Kminohalt M,m3 <*, ' 


THURSDAY’S ACTIVE STOCKS 

Baaed on-bargaina recorded in SE Official List 


.'v.. 


Stock 


Woolworth FW . 20 
Thorn EMI ...... 17 

BuroetL Hlmahr 16 
Barrett Dev. ... . t3 
Cana Bid Frolda 11 
GSC ;. 10 

Glaxo 10 


Thnreday’r 
No. of ckwlng Chango 
priea prlc* . on . 
change* pane* woak 


73 _ 

385 
835 


£ 12 >« 


Stock 


Thureday’! 

No. of closing CMffil* 
price . priea . on 


— 

■ Grand Met. ... 

10 

273 . 

—10 


10 

427- 

+35. 

)CI 

.9 

294 

- 8 

Legal & General 

9 

333 

- 2 

NatWast Bank 

9 

425 

+ i* 

Plessey ........ 

9 

572. 

- s 

Utd. Sctonffic... 

8 

, 317 


wak - 

- 1 ‘ 

-3 

- 2- . 

-V >+.- 
•- T • ' 
--3 

-2> ' 


5-DAY ACTIVE STOCKS 

. Baud on bargain* over the five-day period ending Thursday 


Thursday 'a 
No. of closing 
price price Day's 
Stock changes pence change 

BAT Inds 98 546 -12 

Cna. Gd. Field* 98 A38cd +1 

Thorn EMI ...... 94 388 _ , 

Wool worth FW. 8 S .73 +19 

Polly Peck’ ... 81 485mJ +98 l a . 

Do Burs DM. 90 297 -15 

■ 80 ‘EJS, 


Grp. 


Stock 
Imperial 
Barren Devi. ... 
Reeal Etoc, -.. u 

SheiL Trans. 

TCI 

Brit. . Aeruapace 
Ptouay ' 


Thursday's 
Na. of doting- - 
price price -.Dei 1 < 
changes penoa. oho**, 
79 1Q3xd +J 

75 3« ■ +2S ' 

72 503 -.i*® 

.88. . 404xd ■ " * 
64 2S* 

88 231 .. 

61 SP* ”•+» ' 


ACTIVE STOCKS 

Above average activity w*a noted to die W lowing stock* yasteriW 1 

-Ctotins. 


Stock ’ 

AMten 

Associated Dairiea...... 

price 
pane* 
198 
- 14a 

Day's 

Chino* 

+ 20 . 

-8 

Btbcif • 
Kwrik Spy*. , 

prio*- 

psnce 

.V» . 

sarra tr- Oev»i *..«»« 

352 

+ 8 

Polly Peck 

SK 

Grand Met. .- 

279 

608 

+ 6 
* 1 S • 
+ 4* 

Sfccictijftjr ,. t 

322 

. -93 

ICI 

298 


387 


w« ■ 

-a2 .; 

'.+4* • 
+«■; 

+"5 ’’ 


.i 

• t 

















































































































































































































































































sS f£§ 

1 I 

* , 132 % 

*!•' 8 g 

1 U 13 

»- 32 
159 m 

u* 
151 6 



























































































































































































26 


VALUATION, RENT REVIEW 
LEASE RBIE1f/AL&RATlN& 

Hampton & Sons 

West End; 01-493 8222 City: 01-236 7S31 


FINANCIAL TIMES 


■'0^7 

starsnah 



Saturday September 25 1982 


[Watt Oow - East Partway - Answer 
IHampsHraSPIOSSD -Tel: .025464311 


ar 

W 


SEN IN IKE NEWS 


Two new 
brooms in 
the NHS 

BY JOHN LLOYD 


INDUSTRIAL disputes make or 
break, not just companies and 
unions, but the reputations of 
union officials and managers in 
the front line. 

The health service dispute has 
brought before the British pub- 
lic the craggy features of Mr 
Albert Spanswick. general 
secretary of the Confederation 
of Health Service Employees 
and chairman of the TUC’s 
health services committee. The 
public has plainly found it 
difficult to think ill of Ur 
Spanswick so patent is his 
sincerity. He is an unlikely 
leader, but perhaps the best one 
for ' a. dispute with so many 
moral - difficulties for the 
participants. 

- More important in the long 
term, however, the dispute sees 



Trevor day and Rodney 
Bickerstaffe 

the emergence of two new union 
leaders who have had to bear 
the burden of a full-scale con- 
frontation as soon as they 
entered office- Rodney Bicker- 
staffe, the general secretary of 
the National Union of Public 
Employees and Trevor Clay, 
general secretary of the Royal 
College of Nursing, took over 
from their long-serving pre- 
decessors in the glare of pub- 
licity. 

Both men are in their thirties 
— young for union bosses — both 
are bright and articulate, appear 
self confident and are already 
incommand of their organisa- 
tions (which both are likely to 
change). But they are at almost 
opposite ends of the trade union 
Spectrum. 

Bickerstaffe takes over Nupe 
as the fifth biggest of the TUC’s 
affiliates and with the reputation 
of being the furthest Left of 
the major unions. Its officer 
corps Is a byword for militant 
leftism: its shop sewards have 
excited the satiric ire of film 
and TV programme makera. It 
• has also often been unpopular 
with other unions, which have 
accused it of poaching on a 
scale which breaches the 
traditionally flexible Marquis 
of Queensbury rules — or Brid- 
lington Agreement— which keep 
union recruitment this side of 
anarchy. 

Poaching kept its general 
secretary off the general coun- 
cil for years after its size 
dictated otherwise, and still 
gives it only one representative 
while smaller unions have two. 
It has only once, and ' briefly, 
had a seat on Labour’s NEC. 
Bickerstaffe wants to change 
that 

He sees a chance of doing so, 
partly through a successful 
■prosecution of the health 
service dispute, partly through 
bringing the TUC .behind 
Nupe’s favourite — and often 
forlorn— campaign on low pay. 
With the backing of the General 
and Municipal Workers, he has 
got action _on low pay on the 
TUC’s agenda; and he and Iris 
officers are working like fury to 
ensure . that the health dispute 
remains the TUC’s number one 
campaign. His initially 
indifferent public speaking style 
has picked up quickly, and he 
remains accessible and effective, 
.clearly relishing the strain of 
battle. 

Clay has had much less 
'exposure. His union is not 
affiliated to the TUC, does not 
take industrial action, Is 
traditionally discrete. 

Clay may prove to be some- 
tiling of an iconoclast in the 
RCN, but only according to its 
own lights- He has appeared 
much, more like a (very 
moderate) union leader than Ins 
predecessor, Dame Catherine 
Hall. He has forecast that his 
members might vote to . scrap 
the College’s no-strike rule. The 
TUC hopes to net Mm and his 
180,000 members. 

He” WFU. however, go care- 
fully. While Mr Bickerstaffe 
and his colleagues prepare plans 
for more action, he is carrying 
on talking to the Government 
about a new deal. 


Steel opens drive for votes 


SY PETER RIDDELL, POLITICAL EDITOR 


MR 1 DAVID STEEL, the Liberal 
leader, launched a pre-election 
campaign yesterday and 
attempted to tom his party out- 
ward from its recent squabbling 
with the Social Democratic 
Party about parliamentary 
seats. 

His main address to the 
Liberal Assembly in Bourne- 
mouth concentrated on tbe 
economic recovery programme 
and on seeking to establish the 
Liberals as a" “ responsible 
Opposition now, and a credible 
alternative government at the 
nest election.” 

He strongly attacked Mrs 
Thatcher and the Tory record, 
devoting little time to Labour. 

A significant feature was his 
attempt to tap the ‘‘d&llusiou- 
ment and disaffection” of young 
people with an idealistic appeal, 
and exploit. the growing cam- 
paign for nuclear disarmament 

The playing of the “populist” 
card reflects concern among 
senior Liberals that the party 
and the Alliance have so far 
had onlv limited success in win- 


ning the support of the under 
25s. 

Mr Steel’s aim in his speech 
was to start the relaunch of 
the Alliance, a theme which 
will foe taken up today in a 
speech to the Assembly by Mr 
Roy Jenkins, the SDP leader. 

Tbe signs last night were that 
Mr Steel had generally 
succeeded in taking bis party 
with him this week. There is 
stiH some grumbling among 
local activists about the seats 
deal, but there is general recog- 
nition that negotiations are 
over. 

Some activists in seats handed 
over to the SDP will watch to 
see if the SDP is effective in 
establishing a presence. 

Otherwise the Assembly has 
been low-key. with a self- 
conscious willingness to com- 
promise and be responsible in 
"preparing for government,” 
tbe slogan of the conference. 
The leadership has won 
approval for joint Alliance pro- 
posals. 

The key test of Mr Steel's 


campaign and of the wood of 
the activists will be in forth- 
coming by-elections at Peckham 
in South London and in Bir- 
mingham North Geld. 

Mr Steel sharply attacked Mrs 
Thatcher for use of the Falk- 
lands campaign for “the greater 
glory of herself and her party. 
As she plans her parade, she 
should learn that there is a 
difference between patriotism 
and jingosim.” 

He stressed the joint Alliance 
economic recovery programme, 
aimed at taking lm people off 
the unemployment register over 
three years, and adding £3bn a 
year to public-sector borrowing 
for three years. 

To prevent recovery drifting 
into inflation., the programme 
would be anchored in a sustain- 
able incomes policy. He con- 
ceded that establishing “a fair, 
firm and sustainable” policy 
would not be easy, reflecting 
the uncertainties within both 
Alliance partners over the form 
of such a policy. 

Mr Steel made plain that the 


Literals would oppose Govern- 
ment proposals to sell state 
industries such as British 
Telecom. 

“We shall fight doctrinaire 
privatisation by the Tories as 
fiercely as we have fought 
doctrinaire nationalisation by 
Labour. British industry 
desperately needs a period of 
stability.” 

On foreign policy he 
advocated a new international 
charter, as ” fundamental and 
far-reaching as the post-war 
settlement,” covering dis- 
armament, Third World develop- 
ment, finance and monetary 
systems. 

On defence be carefully 
dodged the divisions in the 
Liberal Party on unilateral 
disarmament, and sought to 
exploit demand for general dis- 
armament and controls of arms 
sales. He pledged cancellation of 
tiie Trident project and urged 
international agreement at 
Geneva on multilateral 
disarm ament 

Conference reports, Page 4 


HEAD OF ISRAEL’S SUPREME COURT REJECTS BEGIN PLEA 

Massacre inquiry move falters 


BY DAVID LENNON TN TEL AVIV 


MR YITZHAK KAHAN. presi- 
dent of Israel's supreme court 
yesterday rejected an Israeli 
government request that he 
undertake an immediate investi- 
gation into the- massacre of 
Palestinian refugees in Beirut 

A number of ministers, as a 
result say they intend to 
renew calls for a state com- 
mittee of inquiry when the 
Cabinet meets again on 
Tuesday. 

Public pressure in Israel for 
an examination of the daughter 
last weekend has grown as 
details of Israel's involvement 
in the massacre hav emerged. 

The Israeli Press revealed 
that Israel had decided to let 
the Lebanese Christian Phalan- 
gist forces into the Palestinian 
refugee camps even before the 
Israeli troops moved into West 


Beirut last Wednesday. 

Israel initiated the idea of 
sending the forces . into the 
camps, according to the Israeli 
press, and the timing of their 
entry was co-ordinated in two 
meetings between the com- 
manders of the IsraeL army and 
the Phalangist commanders. 

It was further revealed that 
Israel supplied the Phal an gists 
with maps and aerial photo- 
graphs of the Sahra and 
Shatilla camps, where the kill- 
ings took place, as well as fir- 
ing flares on Thursday night to 
facilitate the operation. They 
were there ostensibly to clear 
the remaining pockets of PLO 
guerrillas within the camps. 

Mr Menahem Begin, the 
Israeli Prime Minister, has 
refused seadfastly to appoint a 
public committee of inquiry. 


The upsurge of public outrage 
ever wbat appeared to be a 
cover up of Israel's role in the 
killings led him to ask an 
emergency session of the 
Cabinet yesterday to approve 
the idea of an investigative 
judge. 

The Cabinet decision 
coincided with the arrival in 
Israel of Mr Philip Habib, the' 
UJS. special mediator, who 
returned to resume his peace 
keeping efforts. At the same 
time, the first detachment of 
the multinational peacekeeping 
force arrived' in Beirut 

Anatole Kaletsky in Washing- 
ton adds: Orders issued to the 
800 U.S. marines landing in 
Beirut this weekend will be 
considerably tougher than those 
for their mission there last 
month, according to TLS. 


Administration officials. The 
troops have been, told to stand 
their ground and to return fire, 
in certain circumstances in case 
of attack. 

The orders were decided at a 
Cabinet debate in which Mr 
Caspar Weinberger, Defence 
Secretary, is believed to have 
been over-ruled in his efforts 
to protect tbe marines from any 
possibility of military engage- 
ment 

• American and British dele- 
gates last night stormed out of 
the annual conference of the 
International Atomic Energy 
Agency, tbe arm of the United 
Nations which manages safe- 
guards against the proliferation 
of nuclear weapons. They were 
protesting about a vote to 
suspend Isreal from member- 
ship. 


Part-paid £1.25bn tap news hits gilts 

BY WILLIAM HALL. BANKING CORRESPONDENT 


THE Bank of England is taking 
advantage of the firm underly- 
ing trend in the gilt-edged mar- 
ket to raise £L25bn through the 
issue of a. new medium/short 
tap stock, 10$ per "cent Ex- - 
chequer 1988. ' 

Prices of gilt-edged stock 
weakened after the news of the 
issue of the partly-paid stock, 
which surprised some dealers. 
Prices of some short-dated stock 
closed half a point down on the 
day and the FT Government 
Securities Index fell (L25 to 
78.8. 

Nevertheless, dealers were 
still confident that interest 
rates, which have been on a 
plateau in tbe UK for the last 
month, will soon move lower 
and this will lead to a strong 
demand for the new issue. 

The new stock will be issued 
by tender with a minimum price 
of £96 per cent and £20 payable 


initially. The next tranche of 
£40 will foil due on Novem- 
ber 1 and the balance .on 
December 6. Some £250m of 
the stock has been reserved for 
the - National Debt Com- 
missioners. 

In the UK money markets 
there were further signs of a 
slight easing in interest rates. 
The average rate of discount at 
the weekly UK Treasury bill 
tender fell below 10 per cent 
again to 9.9670 per cent and 
the three month interbank rate 
fell by A of a per cent to H per 
cent. 

The Bank of England left its 
money market intervention 
rates unchanged for the fourth 
week but dealers, noted some 
pressure for UK authorities to 
trim their dealing rates. 

The Bank of England entered 
into sizeable repurchase agree- 
ments with the discount houses 
yesterday for the third day 


running — an indication tint the 
houses believe rates are moving 
lower and are unwilling to sell 
commercial bills to the Bank at 
current rates. Tbe Bank shaved 
A of a percentage point off the 
rate at which it did the 
repurchase. 

In the foreign exchange 
markets the pound ended the 
week on a quiet note. It lost 
30 points against tbe doHar 
closing at 5L7080. However, 
its trade weighted index was 
unchanged at 91.8. 

The UB. dollar moved ahead 
firmly and reached a five-year 
high against the Japanese yen 
at 266.36. It was also at its 
highest level for over a year 
against the Swiss currency at 
SwFr 2.1645. 

Equity prices ended the 
week on a firm, note with the 
FT Industrial ordinary share 
index rising 4.4 on the day to 



58LG — giving a rise of 17.9 
points on the week. The FT 
Actuaries 500 Index touched an 
all-time high of 400.46 but the 
All-share is stilt slightly below 
its all-time high. 


Weather 


UK TODAY 
Cold and windy with scattered 
showers. 

£, SE England 
Cloudy with rain, clearing to 
showers with sunny intervals. 
Max 15C-C59F). 

Rest of England, Wales, Scot- 
land, N Ireland 
Bright - or sunny intervals 
with showers, sometimes heavy. 
Max 15C (59F). 

Outlook: Cold and unsettled. 


worldwide 



Y'day 


T’day 


midday 


midday 


“C 



*C 

“F 

Alacelo F 

25 

77 

L Ang-t C 

23 

73 

Algiers S 

30 

86 

Luxmbg. C 

15 

59 

Amsdrn. F 

10 

61 

Luxor S 

35 

95 

Athens $ 

27 

81 

Madrid ■ F 

■19 

66 

Bahrain S 

38 

97 

Majorca F 

27 

81 

Barclna. F 

28 

79 

Malaga S 

28 

82 

Beirut 

— 

__ 

Malta S 

27 

Bl 

Belfast R 

11 

■ 52 

M’chatr C 

15 

59 

Belgrd. C 

21 

70 

Malbne. 

, __ 


Berlin f 

18 

64 

Mil C. 

__ 



Biarritz C 

23 

73 

Miamlf C 

25 

77 

Bmghm. C 

18 

81 

Milan C 

2D 

68 

Black pi. C 

IB 

59 

Montrl.t F 

.11 

52 

Bordx. C 

18 

84 

Moscow C 

18 

64 

Boujgn, F 

17 

63 

Munich C 

15 

59 

Bristol R 

15 

59! 

Nairobi' S 

■24 

75 

Brussels F 

17 

63 

Naples F 

25 

77 

BudpsL. F 

19 

66 

Nassau 


_ 

Cairo 

— 

— > 

N'wesd. C 

16 

59 

Cardiff R 

15 

59 

N York 



Cas'fa'ca F 

25 

77 

Nice F 

23 

73 

CapaT. s 

17 

63 

Nicosia $ 

27 

81 

Chietr.t C 

11 

S2 

Oporto R 

18 

61 

Cologne C 

IB 

64 

Oslo R 

11 

52 

Cpnhgn. C 

15 

59 

Paris C 

18 

64 

Corfu S 

26 

79 

Perth 



Denvert F 

9 

48 

Prague S 

16 

64 

Dublin * R 

11 

52 

Rykfvk, S 

7 

45 

DbnrnV*. F 

25 

77 

Rhodes S 

27 

81 

Ednbgh. R 

13 

55 

Rio J*o 



Faro F 

23 

73 

Roms F 

25 

77 

Florence C 
Frankft. F 

23 

18 

73 

64 

Salzbrg. F 
S' cisco 

18 

64 ; 

Funchal F 

25 

77 

S. Mriu. 

__ 

_ 

Geneva C 

12 

64 

Singspr. F 

31 

88 

Gibrltr. F 

26 

79 

S’tiago 



Gl'afl'w R 

12 

54 

Stefehm, F 

15 

59 

Cm soy R 

IB 

59 

Stresbg. F 

18 

64 

Helsinki S 

Id 

57 

Sydney 



H. Kdnfl C- 

"29- "84 

Tangier - F- 

23- 

73- 

Inrtsbric. C 

15 

59 

Tel Aviv S 

28 

82 

Invmss. C 

12 

54 

Tenerife F 

25 

79 

l.o. Man R 

13 

55 

Tokyo C 

22 

72 

Istanbul F 

2E 

79 

TYntot C 

12 

54 

Jersey C 

17 

63 

Tunis S 

29 

84 

J'birrg 5 

22 

72 

Valencia S 

28 

82 

L Ptms. F 

25 

77 

Vanlco F 

21 

70 

Lisbon C 

20 

68 

Vienna S 

17 

63 

Locarno C 

17 

63 

Warsaw C 

13 

55 

London F 

18 

61 

Zurich F 

W 

S7 


C — Cloud/. F — Fair. R — Rain, 
S— Sunny. 

t Noon GMT temperatures. 


Third of Matchbox workers face 

r 

axe by Hong Kong buyer 


BY CARLA RAPOPORT 

A HONG KONG toy manufac- 
turer .has bought Matchbox 
Toys from the joint receivers 
of Lesney Products, the Britisb 
toy company which went into 
receivership last June. ' 

The new owner, Universal 
International Holdings, intends 
to cut Matchbox's UK work- 
force by approximately a third, 
from 2,500 to ' about 1,700 
workers. Mr Robert Simpson, 
the new managing director of 
Matchbox, said: “ This way 
Matchbox will be viable. The 
way we see it. Universal has 
saved 1,700 jobs.” 

Universal is believed to have 
paid about £20m for Matchbox, 
which has sales of around £40m 
world-wide thanks primarily to' 
its miniature cars. Universal, 
•which manufactures in the Hong 
Kong-based toy company, which 
manufactures in Hong Kong. 
Macau, China, Japan .and U.S H 
claims to have annual sales of 
more than £100m. 

Lesney Products collapsed 
owing about £25m to a con- 
sortium of banks’ led by Midland.- 
The' first to be repaid following 
yesterday's sale are preferential 
creditors including the Inland 
Revenue, local authorities and 


other government bodies, owed 
about £3-£4m. The banks will 
then recoup more than half 
. their debt. Unsecured creditors 
and shareholders of Lesney are 
almost certain to receive 
nothing. 

Matchbox's production work- 
force is split between two 
locations, one -In Hackney, north 
London and the other in Rocb- 
ford, Essex. The new owner has 
decided to consolidate manu- 
facturing activities at one site, 
but has yet to decide which one 
it will fok 

The Greater London Council 
is already in talks with Uni- 
versal and has offered various 
means of support for the com- 
pany if the Hackney site is 
maintained. 

Hr Simpson, who previously 
handled tbe marketing and 
sales operation in Europe for 
Universal, said of Matchbox: 
“They were great tool-makers, 
great engineers, but they lost 
their way a. bit when it got 
to marketing. We think we can 
add our marketing flair to their 
skills.” • 

The UK manufacturing base 
will also be a springboard for 
Universal into the European 


market. 

Universal, which was founded 
in the mid-1960s, makes and 
distributes a. wide variety of 
toys, including the Brooke 
Shields doll, various electronic 
toys, radio-controlled toys, and 
pre-school toys. It has been 
selling toys in the UK for the 
past 18 months and has 
achieved the best sucess with 
its action toys, such as Power 
Blaster, a puti-string motor-bike, 
and Rough Rider, a four-wheel- 
drive toy car which climbs walls 
and flips over. 

Universal claims that its 
Burnin’ Key car was among the 
top 10 best-selling toys in 
Britain during the month of 
August The company also has 
the rights to the Et doll, a 
replica of the hero of the hugely 
successful American movie, ET 
—the Extra Terrestrial. 

Mr David CV Yeh, Univer- 
sal's chairman, said “ We are 
very happy to acquire the 
Matchbox operation, which, in 
my opinion, is the best brand 
name for die-cast toys in the 
world.” 

With the new manufacturing 
base in the UK, be said Uni- 
versal wax set to “ penetrate the 
Common Market” 


Franc measures • Continued from Page 1 


after- shipment -te-seU -forward 
the foreign currency proceeds 
of exports against French 
francs. A major loophole 
emerged as multinationals 
increasingly invoiced exports in 
French francs. 

The Government is., also 
expected to announce that 
importers will- have to borrow 


foreign currency in making pay- 
ments. Under existing foreign 
exchange regulations, French 
importers are- not permitted to 
make- forward purchase of 
foreign currencies but must 
settle at the spot rate on the day 
of payment In future they will 
be required to borrow their 
foreign exchange requirements 
and make payment on the 


maturity of thebormring. The 
effect wiU be to increase -the 
cost of imports. 

As speculation of tile pro- 
posed measures spread in -the 
foreign exchange markets 
yesterday tbe franc streng- 
thened. At the firing in Paris it 
.was FFr 2.8233 against- the 
D-mark as compared with 
FFr 2.8258 on Thursday. 


THE LEX COLUMN 



Finding a 
for Woolworth 


& 


Discussion of how big a 
u giveaway ” the Chancellor can 
afford his pre-election budget 
has brought a political dimen- 
sion back to the stock market. 
The thought of a bit of spend- 
ing power did equities no harm 
yesterday, and did not really 
distress gilt-edged, which stayed 
near five-year higs despite a 
£lbn short-mediu tap. 

Woohvortli 

What do you do about Wool- 
worth's problems of vanishing 
profitability. High Street 
identity crisis, and embarras- 
singly valuable properties? You 
can give up — or start again. 
Giving up means, effectively, 
performing an asset strip on the 
property portfolio; Woolworth, 
though not a particularly easy 
job, would be much simpler to 
break ‘ up than a department 
store group. Starting again 
means looking for a new trad- 
ing solution, presumably with 
new management. 

The package with which 
Charterhouse Japfifet, backed by 
a number ox disgruntled Wool- 
worth shareholders, has 
approached the company’s UE. 
parent jyDl certainly purport to 
offer a trading solution. (It is 
not yet dear whether the 
institutions’ readiness to take 
the initiative is the sign of a 
new proprietorial aggre^i ve- 
il ess, which could have all sorts 
of implications for investors and 
managements, or simply reflects 
unprecedented levels of irrita- 
tion at poor performance.) A 
trading solution there may be, 
but it is almost inconceivable 
that a major programme of dis- 
posals can be avoided. 

For a start, the big and small 
Woolworth stores do not fit to- 
gether.' And the proposals as so 
far exposed suggest a highly 
geared capital structure, with 
three quarters of the present 
Woolworth equity being re- 
placed with debt This would 
not be a problem in published 
balance sheet terms, since the 
equity would be bought out at 
less than half current cost 
valuation. But the revenue 
account could be swamped by 
interest charges — unless a pro- 
gramme of disposals were set in 
train while the new manage- 
ment gingered up those in- 
visible margins. 

Nobody should be under the 
impression that that would be an 
easy job. Putting together a 
fancy financial package is one 
thing; refloating a beached 
whale quite another. The 
present management of Wool- 
worth in the UK does not re- 
ceive honorary degrees from 
the best business schools — but 
that does not mean, that a dis- 
tinguished bunch of semi- 


index rose 4.4 to 581.6 


40 


Shams Price 
Retain* to Stanis 
FT- Actuaries (atari 



_L 


_L 


1979 *80 *81 "82 


retired executives can work in- 
stant miracles in a deteriorating 
retail climate. 

The price offered to Wool- 
worth in the U.SL, and thus all 
minority shareholders, cannot 
represent a conventional bid 
premium — certainly the 
rumoured price of 82p does not. 
It is a price at which a consor- 
tium iB prepared to buy out the 
parent, and cautious minority 
holders, for the sake of getting 
better management into the 
group. One question that has 
to be asked is whether the 
parent is a forced seller at this 
price — is it really the best 
financial option available to it? 
The parent's profitability is 
poor, and its debt rating has 
twice been downgraded re- 
cently, but it does not look In 
desperate need of cash. Wool- 
worth's UK advisers will no 
doubt be moving' heaven and 
earth to put an alternative 
package together — a straight 
counterbid may not be the only- 
possibility. 

If consortium bids are going 
to become more common, there 
will be a need to work out best 
practice in respect of share 
quotations. This time There was 
a suspicious run-up in Wool- 
worth. shares— 20 per cent on 
the price in the week before 
suspension — one of those situa- 
tions that cry out for a Stock 
Exchange whitewash. And then 
the decision— at the British com- 
pany's request — to requote the 
price Is a little odd when there 
are more insiders in the City 
than Father- Christmas in the 
High Street in December. No 
wonder that in the same week 
as the Woolworth drama an 
American company — ESC — chose 
to have its shares quoted in 
London rather than New York, 
for in Loudon they , ask fewer 
questions. 


Aurora Holdings 

Results from a string of ‘ ‘ 
major engineering groups have - : 
shown over the last week what 
a buffeting the real economy is 
givingfi to anyone who messes. \ 
around with metal for a living* 
Yesterday, in a smaller way,’ 
Aurora Holdings showed the 
impact of the same pressures 
as it struggled through to halt 
year pre-tax profits of £283.000' 
against a £221,000 loss last year, 

Aurora has had its back to 
the wall for the Iasi two years. 
But it has also taken drastic 
action to stave off disaster. The 
payroll has been virtually 
halved, nine subsidiaries were 
closed in 1981. and -the special 
steels business has been put 
through the wringer. 

Pre-tax losses Jast yeas 
amounted to £5.2m. and after 
heavy extraordinary writeoft 
for closures and redimdanetes. 
shareholders funds were h4We<j 
to film. Against this deterio**.' 
rating equity stands A motto 
tain of debt. On a genSroal 
basis, net borrowings at the 
«nd of last year amounted If 
about £35m. If the preference 
capital — mostly redeemable 
— is also counted a* debt, the ' 
figure rises to 143m. 

The debt: equity ratio -has' 
probably worsened slightly ir 
the first half, with attributable 
losses of £144,000 and borrow 
mgs slightly up to financt 
further closures. The group , , 
would get some boost to -re 
serves and bring borrowing 
down if it could sell its profit 
able Australian subsidiary. Ba- 
the sale would also take out i 
sound profit earner, and hat 
anyway been shelved because ■ .» 
of the lack of buyers at thr" ' 
right price. It should, however 
shortly receive a.' lump c 
Government money towards tin 
cost of closures already carrier 
out 

?l ■ " - 

This year there should b” ' 
no big write offs, no UK tax 
and there will be no preferenb 
dividends, which cost 
last year. The group, 
stresses that it is receivi " 
support front its bank, red ? 
is making headway at -tb* 
trading level, even if the ov« 
seas operations have nor;-. - 
turned into recession. But x ' 
desperately needs a real econo 
mic upturn — in : •which th« 
banks would presumably alloy 
it some more headroom — an* 
the share price, at 12p yester 
day against book net assets a 
about 50p a share, amply" i 
demonstrates -the currea" 
doubts about such a recovery 
In a break-up, tho equity vrook _ 
presumably have no value. 


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